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Tuesday, Aug 17, 2004

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Corporate - Overseas Borrowings


Amtek to raise $60 m

Our Bureau

NEW DELHI: The board of directors of Amtek Auto has approved a plan to raise up to $60 million via GDRs/ADRs/FCCBs.

This was stated in a communiqué sent by the company to the Bombay Stock Exchange (BSE). The board also approved a proposal to raise an additional $60 million via debt instruments.

The other proposals cleared by the board include sub-division of equity shares from Rs 10 each to Rs 2 per share, increase in FII limit to 74 per cent from 49 per cent and increase in authorised capital to Rs 70 crore from Rs 50 crore, the communiqué said. Amtek Auto has called an EGM on September 10, 2004 to take shareholder approval for the above measures.

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