Amtek Auto has singed a share purchase agreement (SPA) with Nippon Steel and Sumitomo Metal Corporation, to divest its stake in its joint venture (JV) company, SMI Amtek Crankshaft.

The company in a regulatory filing stated, “Pursuant to the approval granted by the committee of creditors of Amtek Auto (AAL) for sale of all equity shares and preference shares held by AAL in SMI Amtek Crankshaft Pvt Ltd (SMI) to Nippon Steel and Sumitomo Metal Corporation (NSSMC), AAL has signed and executed share purchase agreement with NSSMC.”

Further the company added that, following the approval of the resolution plan of AAL by the NCLT and on the coming into the effect of sale of AAL’s 50% stake in accordance with terms of SPA, SMI Amtek Crankshafts Private Ltd shall cease to be joint venture company of AAL.

Read EquityPandit’s Technical Analysis of Nifty Outlook for the Week