new delhi shares of amtek auto climbed nearly 7 per cent in mondays trade amid reports that the automobile component maker was close to selling its profitable german unit tekfor for about 700 million rs 4690 crore to a foreign buyer in order to cut its debt the consolidated debt of the group is estimated to be about 22 billion rs 14700 crore a daily said adding that the group plans to sell a 50 per cent stake in a joint venture and a domestic food business and raise funds from three overseas investors the stock rose 663 per cent to hit a high of rs 3695 on bse the asset monetisation plan has been on top of the management agenda in its recent earnings presentation john flintham vicechairman of amtek auto had said we are progressing as per the plan approved by the board we are in advanced discussions for the sale of amtek tekfor for which the process had a large number of bidders we have now received final bids and have shortlisted two potential suitors and expect the sale to close in the next few months flintham said that discussions around monetisation of some of our noncore assets in india are progressing in line with expectations new reports claimed if the deals are done the companys debt will come down by 1 billion rs 6700 in the next 12 months et online published on jun 13 2016 at 1233 pm ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etauto app get realtime updates save your favourite articles scan to download app amtek auto shares tekfor john flintham monetisation plan management agenda amtek auto limited homenewsauto componentsamtek auto shares up 7 as firm inches closer to sell german unit tekfor