Amtek Auto, an automotive component manufacturer that is based in Delhi has obtained a 26.3% stake in group Company Amtek India from the supporters in a contract worth Rs. 215 crore to merge industry under one flagship firm.
On Friday it said that the deal is part of an accord where public-listed Company Amtek Auto has approved to purchase a 40.2% stake owned by the promoters in another listed firm Amtek India at a price not more than Rs. 68 a share.
“We are looking at consolidated operations for the automotive vertical under a single company that would give better value for our investors and synergies in our different operations such as purchases, recruitments and sales,” Amtek Auto CFO Santosh Singhi said.
It is said that Amtek Auto purchased 26.3% stake in Amtek India at a standard cost of Rs. 64.8 per share.
Through lump deals on the BSE, the shares were bought from promoter entities, like Amtek Telefilms, Amtek Pharmaceuticals, Amtek Technologies & Solutions and Bawa Pharmaceutical.
Soon the firm will launch an open offer to attain an added 20% stake or 2.5 crore shares of Amtek India.
Amtek Auto is looking forward to acquire minimum 10-15% stake from the open offer that would provide it bulk stake and permit it to merge the earnings of Amtek India with itself.
Source: Stock Watch