Amtek Auto 'turnaround' on bourses

Amtek Auto has been on a turnaround mode since yesterday – from hitting new lows and breaching lower circuits, the stock has been hitting the upper circuit consistently, remaining firmly as top gainer. Today too, it leads the pack of gainers and breached the UC at Rs.28.15, up 10% within moments of opening for trade.

One of the 12 companies “blacklisted” by RBI, there is unconfirmed media news that not one or two, but has received expressions of interest (EoIs) from 21 investors, including asset reconstruction companies.

Some names doing the rounds who want to buy this debt ridden auto component company includes Bain Capital, TPG Capital, DA Capital,  Piramal Enterprises, AION Capital, Deccan Value Investors and Edelweiss Asset Reconstruction Company. 

The company’s debt is stated to be around Rs.13,000 crore and its interest outgo for FY17 was at Rs.1305 crore.

There has been now word about this from the company - neither a denial nor a conformation.