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Journalism of Courage
Amtek Auto today said it has acquired 26.25 per cent stake in Amtek India Ltd at an average price of Rs 68 per share through several open market transactions.
The company has acquired 3.31 crore shares at an average price of Rs 64.83 per share,representing 26.25 per cent stake in Amtek India,Amtek Auto said in a filing to the Bombay Stock Exchange BSE.
The company has purchased shares of Amtek India Ltd from its promoters 8212; Amtek Telefilms,Amtek Pharmaceuticals,Amtek Technologies amp; Solutions and Bawa Pharmaceuticals through block deals on the BSE.
As per the March shareholding pattern on the BSE,Amtek Telefilms,Amtek Pharmaceuticals,Amtek Technologies amp; Solutions and Bawa Pharmaceuticals held 37.11 per cent stake in Amtek India Ltd.
The company would now make an open offer to acquire an additional 20 per cent stake or 2.52 crore shares of Amtek India Ltd,the filing added.
The acquisition and open offer was made under the agreement reached between Amtek Auto and the existing promoters of Amtek India Ltd to acquire 40.21 per cent stake in the latter at a price not exceeding Rs 68 per share.
Shares of Amtek Auto were trading at Rs 160.85 on the BSE,down 2.81 per cent from the previous close. Amtek India Ltd shares were trading at Rs 66.40 on the BSE,up 3.75 per cent from the previous close.
