Amtek Auto redeems FCCBs worth Rs 654 cr

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Amtek Auto redeems FCCBs worth Rs 654 cr
Amtek Auto Ltd has lessened its debt to about 30 billion rupees after it redeemed $250 million zero coupon foreign currency convertible bonds which were due for maturity for $145.97 million. The bonds were issued in 2006.

Bonds of $108.6 million were about to mature together with yield to maturity (YTM) of $37.37 million.

The auto component maker fully paid the total outstanding amount of $145.97 million against redemption of outstanding bonds along with YTM.

Amtek Auto said that with this payment, it has no outstanding amount of the $250 million raised through FCCBs issued in 2006.

For the quarter ended March 31, 2011, Amtek Auto reported 30% increase to Rs 110 crore in consolidated net profit from Rs 85.23 crore a year ago.

The firm's total sales for the quarter also increased by more than 27 per cent -from Rs 920 crore to Rs 1,170 crore.

Amtek is a diversified automotive component supplier in the global auto component manufacturing and supply chain.

Read more about: amtek auto ltd, bse, nse, automobile
Story first published: Friday, June 17, 2011, 23:35 [IST]
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