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Warburg Pincus ups stake in Amtek

Mumbai, Dec. 26: Warburg Pincus, the private equity firm, today acquired nearly 29 lakh shares of Amtek India for Rs 59 crore, taking its stake in the auto component maker to just above 9.5 per cent.

Warburg Pincus has shown an uncanny ability to spot multibagger investment opportunities early — with its investment in Bharti Tele-Ventures (now Bharti Airtel) being one of the most profitable in recent years.

The Amtek stock purchase was done through a bulk deal on the Bombay Stock Exchange. Warburg acquired the shares from Bluecrest Special Situations Master Fund at a price of Rs 203.98 per share. This transaction constituted nearly 2.8 per cent of the equity of Amtek. Stoneridge Investment Ltd, the arm of Warburg Pincus, was the buyer.

Warburg has been aggressively buying shares of Amtek India from the open markets over the past few months.

Details with the exchanges show that during the period ended September 30 this year, Stoneridge held only 1.24 per cent of Amtek’s equity. It has acquired over 8 per cent since then.

Analysts are bullish about the domestic auto component industry with vehicle manufacturers ramping up capacities and lining up new models.

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