Amtek Auto shares up nearly 7 per cent after FCCB announcement

MUMBAI: Stocks of Amtek Auto climbed nearly 7 per cent today after the company said it has not issued foreign currency convertible bonds (FCCB) of USD 70 million.

The stock yesterday fell sharply by 12.5 per cent due to intense selling pressure amid reports that the company faced trouble with USD 70 million (about over Rs 400 crore) foreign currency convertible bonds issue.

The stock made a smart recovery today and surged 6.21 per cent to settle at Rs 141.95 on the BSE. In intra-day, it gained 7.66 per cent to Rs 143.90.

At the NSE, shares of the company jumped 6.62 per cent to close at Rs 142.45.

With reference to reports that the company was facing trouble with USD 70 million FCCB issue, Amtek Auto in a filing to BSE said, "The company has not issued FCCB of USD 70 million. This statement is factually not correct."

The company has been reporting all significant and material information to the exchanges, it had said.

The exchange had sought clarification from Amtek Auto with reference to the FCCB issue.

FCCBs are a special category of bonds. They are issued in currencies different from the issuing company's domestic currency.

Meanwhile, the benchmark BSE Sensex ended at 27,316.17, up 200.34 points.