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Amtek Group shares gain as board approves infusion of fresh capital by investors

 

Brokers trade at their computer terminals at a stock brokerage firm in Mumbai. Photo: Reuters

Brokers trade at their computer terminals at a stock brokerage firm in Mumbai. Photo: Reuters

 

  Shares of Amtek Group companies Amtek Auto, Metalyst Forgings and Castex Technologies were trading higher by up to 8% on BSE after the board of these companies approved the infusion of fresh capital by investors and restructuring of the debt as proposed by the investors.

A joint board meeting of all the companies - Amtek Auto, Metalyst Forgings, Castex Technologies and ARGL -  was subsequently held where the approval of individual board was adopted.

The joint board further approved the proposal relating to infusion of fresh capital by new investors, restructuring and reduction of debt subject to the approval of lenders.

It also approved the process of monetization to support the restructuring and debt reduction of the company, subject to regulatory approval.

Among the individual stocks, Amtek Auto (Rs 42.85) and Metalyst Forgings (Rs 73.85) were up 7% each, while Castex Technologies up 8% at Rs 10.38 on the BSE. At 03:00 pm; the S&P BSE Sensex was up 1% or 271 points at 26,665.