Amtek Auto redeems FCCBs worth Rs 654 cr

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
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