9/11/2015 AmtekAutoshootsup54%aftermanagementclarificationTheEconomicTimes

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ByECONOMICTIMES.COM|11Sep,2015,04.10PMIST PostaComment

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AmtekAutoshootsup54%aftermanagementclarification

NEWDELHI:SharesofAmtekAutoshotupabout75percentintradeonFridayafterthecompanymanagementdeniedrumoursaboutbankruptcyandassuredcooperationwithSebiinitsprobeintothestockriggingcharges.

ThestockhitanintradayhighofRs53.15,up74.84percent,ontheBSE.However,someprofitbookingwasobservedonthecountertowardsthecloseofthesession.TheautoancillarystockeventuallyclosedthedayatRs46.70,up53.62percent.

"Thepromotershavealwaysandwillalwayscontinuetosupportthebusinessjustlikethattheyhavedoneoverthelastnearly30years,"saidJohnFlintham,SeniorMD,AmtekAuto.

CastexTechnologies,anautopartsmakerandsubsidiaryofdebtladenAmtekGroup,isunderSebiinvestigationforallegedsharepricemanipulation.

SebiisexaminingtradingdetailsofCastexsharesaftersomeofthebondholdersofthecompanyallegedpricemanipulationwithanaimtopushituptotriggerthemandatoryconversionofforeigncurrencyconvertiblebonds(FCCBs).

CastexonThursdayinformedthestockexchangesthatithadallottedequitysharestoinvestorsfollowingaconversionofitsforeigncurrencyconvertiblebonds.SharesofthisAmtekAutosubsidiaryhavebeenonafallingspreeforalmostoneandahalfmonthsnow.Thestockhadplunged5percentonThursdayafterSebibeganaprobeintoallegedmanipulationofthelatter'sstockprice.

Meanwhile,reportssaidlendersofAmtekAutohavedecidedtogoforaspecialauditofthebooksofvariousgroupcompaniesbeforeprovidingfreshloanstohelpitrepaytheRs800crorebondscomingupforredemptiononSeptember20.

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