Amtek Auto pledges 71% stake in JMT Auto with IL&FS Trust Company_Amtek Auto pledges 71% stake in JMT Auto with IL&FS Trust Company

Amtek Auto pledges 71% stake in JMT Auto with IL&FS Trust Company

June 2, 2024

NEW DELHI: Troubled auto component maker Amtek Auto has committed its entire capital investment in a 71% stake in group company JMT Auto with ILFS Trust for Investment (ITCL).

Amtek Auto has pledged 18, 07, 06, 100 shares of JMT Auto representing 71.73% stake to ITCL on December 29, JMT Auto said in a regulatory filing today.

JMT is headquartered in Jamshedpur Auto manufactures 2,000 various parts including engine parts, gears, shafts, pins, bushings, rings, axles etc.

The company has 7 manufacturing plants in the districts of Jamshedpur, Dharwad and Lucknow.

In 2013, Delhi-based Amtek Auto acquired a controlling stake in JMTTO Auto and integrated it into the Amtek Group.

Amtek Auto 9 80 months outstanding value of 80 months outstanding value of Rs. crores of bonds heralded a crisis.

The bonds matured in September, but Amtek Auto faced a “cash flow mismatch” and was unable to repay the debt to investors.

The company has said it is considering selling some of its assets in response to the financial crisis.

Domestic subscribers to the bonds include Axis Bank, Karur Vysya Bank, Syndicate Bank and Corporation Bank.

The banks have an exposure of around Rs 80 billion to Amtek Auto, the flagship product of the Amtek Group.

JMT Auto shares closed 1.09% lower at Rs 90.50% on the Bombay Stock Exchange today.

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