NEW DELHI: Automotive component maker Amtekek Auto today said a meeting held by the joint committee of Amtek Auto, Metalyst Forgings, ARGL and Castex Technologies approved a proposal by new investors to infuse fresh capital into the four group companies.

The plan also envisages broader corporate restructuring, including domestic business combinations and ongoing asset monetization, to support the proposed plan.

Amtek Auto said in a statement, “The boards of Amtek Auto Ltd, Metalyst Forgings Ltd, ARGL Ltd and Castex Technologies Ltd discussed the proposed equity investment.” , subject to lender approval. Amtek Auto in a statement:

The investors said they would contact the lenders to implement the proposed master plan.

He added, “The plan will create an enterprise value (EV) that reflects underlying asset values, underlying cash flows, and a reasonable capital structure for the benefit of all of the company’s stakeholders.”

Amtek Auto stock closed 4.86% higher at Rs 42.05 on BSE.