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Amtek Auto has pledged its entire stake of around 71 percent in group firm JMT Auto with IL&FS Trust Company (ITCL).
JMT Auto said in a regulatory filing that Amtek Auto has pledge 18,07,06,100 shares of JMT Auto, constituting 71.73 percent stake, with the ITCL on December 29.
The Delhi-based Amtek Auto had in 2013, acquired the controlling shares of JMT Auto and thus bringing it under the Amtek Group umbrella.
In September Amtek Auto had defaulted on repayment of bonds worth Rs 800 crore, thus signalling a crisis.
While in September, the bonds matured, Amtek Auto couldn’t make repayment to its investors as it was facing a “cash flow mismatch”.
