Amtek Auto’s scrip surged almost 6 per cent today as the auto component maker is planning to raise Rs 117.5 crore by issuing shares to promoters on a preferential basis for which it will seek shareholders’ nod.
After a positive opening, the stock further jumped 5.91 per cent to Rs 40.30 on the BSE.
On the NSE, the company moved up by 5.92 per cent to Rs 40.20.
The auto maker plans to issue a maximum of 2.35 crore shares at Rs 50 per share, including a premium of Rs 48 aggregating Rs 117.5 crore, the company had said in a BSE filing yesterday.
The company has called an EGM on March 25 to get approval from its shareholders for the proposal, it added.
The auto component maker has been struggling to make a turnaround ever since it reported “temporary cash flow mismatch” in 2015 and defaulted on payment of an estimated Rs 800-crore bond.