Amtek Auto Surges 54% on Plans to Raise $1 Billion Paring Assets
- Senior Managing Director Flintham says no question of default
- Company reported temporary cash flow mismatch last month
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Shares of Amtek Auto Ltd., an Indian auto-parts producer that reported a “temporary cash flow mismatch” last month, jumped the most on record after an executive said the company could raise as much as $1 billion over 15 months by paring overseas assets and cutting holdings in units abroad.
“We have a debt-reduction program,” John Flintham, the company’s senior managing director told Bloomberg TV India. “We will sell minority stake in overseas businesses, which are profitable and owned 100 percent by Amtek Auto.” Sales of non-core assets may fetch about $500-600 million, he said.