Amtek pledges 71% stake in JMT Auto

The promoter group held 71.73% in JMT Auto.

The promoters of JMT Auto Ltd,part of the troubled Amtek Group  have pledged 71.73% of the company’s shares to IL&FS Trust Co. Ltd, according to reports.

Report says that as per the shareholding pattern disclosed by the company on 15 October, the promoter group held 71.73% in JMT Auto.

The Amtek Auto group has been under stress due to an increase in debt obligations.

In September, the company failed to repay Rs.800 crore worth of bonds.

Amtek Auto Ltd ended at Rs. 49.95, down by Rs. 1.2 or 2.35% from its previous closing of Rs. 51.15 on the BSE.

The scrip opened at Rs. 51 and touched a high and low of Rs. 51.5 and Rs. 49.5 respectively. A total of 3202038(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 1122.65 crore.

The BSE group 'A' stock of face value Rs. 2 touched a 52 week high of Rs. 186.95 on 05-Jan-2015 and a 52 week low of Rs. 25.6 on 04-Sep-2015. Last one week high and low of the scrip stood at Rs. 54.1 and Rs. 49.5 respectively.

The promoters holding in the company stood at 49.99 % while Institutions and Non-Institutions held 20.93 % and 29.08 % respectively.

The stock traded below its 200 DMA.