Amtek Auto is the top gainer on the BSE currently, up over 11.5% at Rs.183.90, its current intra day high.

The company is in news following reports that its subsidiary, Amtek Global has managed to raise Rs.1800 crore or Euro 235 million as long term finance from global investment firm, Kohlberg Kravis Roberts (KKR).

This loan will replace Amtek Global’s existing bridge loan and help bring all its debt under this one debt. Its net debt  currently stands at Rs.15,000 crore and its deleveraging plans of paying back from internal accruals will happen over the next year to one and half year time frame. It plans to reduce debt by Rs.1500 to 1800 crore.

In a TV interview the management has stated that both of its recent acquisitions - Neumayer Tekfor and Kuepper are doing and market is probably reacting to the managements forward looking statement that both these companies, in the near term future could show an EBITDA margin of 14.15%.