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Amtek Auto Appoints Morgan Stanley As Advisor; Shares Up 11 Per cent
Shares of the Amtek Auto rose on Tuesday after the company said that it has appointed Morgan Stanley as advisors to assist in the group's debt reduction plan.
The various options include a minority stake-sale of upto 25-40% in our overseas business. During the process the Company have received a large number of enquires for the outright purchase of a couple of the Company's Overseas businesses which include for instance Tekfor group, the company said the BSE press release.
The interest for this has come from trade players and financial players around the globe. These businesses are located in a much coveted market attracting premium valuations in the global markets. As mentioned there are several options and it is a matter of right value-opportunity that will determine the eventual decision, added further.
Shares of the Amtek Auto were seen trading at Rs 43.10 on NSE at 11.10 am IST. It touched an intra-day high of Rs 44.15 during the trade.
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