Liberty House to finally take over Amtek Auto

Troubled auto component maker, Amtek Auto Limited (AAL) will finally be taken over by UK-based Liberty House. The National Company Law Tribunal (NCLT) approved Liberty’s resolution plan. As per the plan, Liberty will pay Rs3,225cr to financial creditors and will infuse another Rs500cr into AAL for stabilizing the latter’s operations. Lenders to AAL will have to take a 65% haircut. Against outstanding dues of Rs12,603cr, they will have to settle for only Rs4,404cr. According to a release by AAL to the stock exchanges, liquidation value of AAL has been determined at Rs4,119cr.

Amtek Auto Ltd ended at Rs7.59 up by Rs0.36 or 4.98% from its previous closing of Rs7.23 on the BSE. The scrip opened at Rs7.53 and touched a high and low of Rs7.59 and Rs7.50 respectively. A total of 2,14,176 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs188.43cr.

Daily Intraday Option Tips