NEW DELHI: Troubled auto component maker Amtek AutoBSE 1.09 % today said it is considering selling a non-core business and minority stake in its overseas companies in order to deleverage its balance sheet.
“The company is considering various means to deleverage the balance sheet by selling off non-core business, the minority stake in its overseas companies and sale of industrial real estate assets within the group business,” Amtek Auto said in a regulatory filing.
However, as on date, nothing has been finalised as yet, the company added.
Last year, the company had appointed Morgan Stanley as an advisor to assist in its debt reduction plan.
The Amtek group is understood to owe over Rs 26,000 crore to 32 banks, including State Bank of IndiaBSE 0.94 %, ICICI BankBSE 1.26 %, Axis BankBSE -0.83 %, Bank of Baroda, Bank of India, IDBI BankBSE -0.21 %, Bank of MaharashtraBSE 0.46 % and UCO BankBSE 0.58 %.
Besides the financial problems, Amtek Auto has been facing investigation by Sebi into alleged share price manipulation at its subsidiary, Castex Technologies, with a role of banks, mutual funds, and rating agencies also coming under the scanner.
