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

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.