Amtek shares gains on talks of raising $200 million through FCCB

Shares of auto ancillary manufacturer Amtek India surged over 2% to Rs 99.25 on Tuesday amid talk that the company is planning to raise over $200 million through a foreign currency convertible bond issue.

The proceeds will be used for business expansion, a Mumbai-based broker said.

Company officials, when contacted, said they have the necessary board approvals to raise overseas funds.

"We've received permission from the board to raise funds, but we've not finalised anything as of now," said Arvind Dham, managing director of Amtek India, which makes iron-cast components for two- and three-wheelers, passenger vehicles and commercial vehicles.