Auto component maker Amtek Auto Ltd has sold 5 per cent stake in its subsidiary Amtek Crankshafts (India) Ltd to an unnamed foreign investor for Rs 22.38 crore ($4.1 million), according to a BSE filing. The deal values the unit at Rs 447.6 crore or $83 million.
Set up in 1997, Gurgaon-based Amtek Crankshaft manufactures automotive components including crankshafts for two-wheelers, tractors, passenger cars and stationary engines. It was formerly known as Amtek Siccardi India Ltd, but was re-name in September 2007.
As on March 2011, the subsidiary reported a turnover of over Rs 477 crore and profit after tax of 38.7 crore.
Amtek Auto shares last traded at Rs 79.45 a unit, down 2.87 per cent on the BSE in a strong Mumbai market on Wednesday.
Amtek Auto is backed by private equity firms Warburg Pincus and ChrysCapital. Both the PE firms had earlier invested in Amtek India but exited the firm following a group restructuring when the promoters, led by Arvind Dham, sold their stake in Amtek India to Amtek Auto in a consolidation exercise.
The Amtek Auto Group is an integrated component manufacturer with 43 manufacturing facilities located in India (39) and Europe (4).
(Edited by Sanghamitra Mandal)