Apollo Tyres raises ~1,500 cr via is­sue of shares

Business Standard - - COMPANIES -

Apollo Ty re son Thurs­day said it has raised up to $229 mil­lion (around ~1,500 cr ore) via is­sue of shares to qual­i­fied in­sti­tu­tional bu ye rs(QIBs ). The ty re maker has al­lot­ted 63,025,210 eq­uity shares toQIBs at~238apiece, itadded.“The fund raised through this Qual­i­fied In­sti­tu­tional Place­ment would be used for fu­ture growth plans of the com­pany and to aug­ment the com­pany’ s cap­i­tal base and fi­nan­cial po­si­tion ,” Apollo Tyres­said. Share­sofApollo Ty re son Thurs­day closed 2.06 per­centhigh­erat ~242.60onBSE.

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