Amtek Auto stock rises over 17% on loan from KKR

Amtek Auto stock shot up by over 17 per cent on Tuesday as its unit Amtek Global Technologies secured a long-term loan of 235 million euro (over Rs 1,800 crore) from global investment firm Kohlberg Kravis Roberts.

The Amtek Auto scrip zoomed 17.12 per cent to settle at Rs 192.25 on the BSE. During the day, it had rallied 19.28 per cent to Rs 195.80.

On the NSE, the stock closed the day at Rs 192, up 17.14 per cent from the previous close.

The company's market capitalisation rose by Rs 619.61 crore to Rs 4,235.61 crore.

In terms of volume, 13.09 lakh shares of the company changed hands at the BSE, while more than 75 lakh shares were traded at the NSE during the day.

As part of the definitive agreement inked between the two firms, KKR will provide AGT 235 million euro of long-term, flexible financing to replace its existing bridge loan and consolidate all of the company's existing debt.

"This facility will also act as a catalyst to help integrate Amtek Auto's existing international operations under the Singapore headquartered AGT," the companies had said in a joint statement on Monday.

The Amtek Group, which has annual turnover of over $2.7 billion and manages 65 world-class facilities, produces components for passenger cars, commercial vehicles and two- and three-wheelers.