Amtek India’s shares continued their rally for the second consecutive day on Wednesday, after the automotive component supplier completed the acquisition of Germany-based Kuepper Group.
Extending Tuesday’s gains, the company’s shares closed up 4.84 per cent at ₹81.25 on the BSE. Its shares closed up 19.97 per cent at ₹77.50 on Tuesday, closing up nearly 26 per cent from ₹64.60 on Friday.
On December 24, 2013, Amtek India had announced the acquisition of Kuepper Group through its step-down subsidiary Amtek Kuepper GmBH. The financial terms of acquisition were not disclosed.
The company had announced the completion of the acquisition after market hours on Friday.
The Kuepper Group is engaged in the business of iron, aluminium castings and integrated machining and has five manufacturing facilities across Germany and Hungary, the Indian company said in a regulatory filing.
In March last year, Amtek Auto acquired “substantial business interests” in Germany’s Neumayer Tekfor Group for an undisclosed amount. Later in June, the company acquired a 51.27 per cent stake in JMT Auto for about ₹110 crore.
However, shares in Amtek Auto, another group company, ended 1.01 per cent lower at ₹137.25 on the BSE.