Apollo Tyres has received its shareholders’ nod to raise around Rs 1,725 crore. Of total, the company will raise up to Rs 1,225 crore through issue of securities and up to Rs 500 crore through placement of non-convertible debentures (NCDs).
Shareholders have also approved raising of Foreign Institutional Investors (FII) limit in the company to 45 per cent from 40 per cent earlier.
Recently, the company has announced that it is planning to construct a green field facility in Eastern Europe as part of its overseas expansion plan. In this regard, the company will invest Euros 500 million.
Apollo Tyres produces the entire range of automotive tyres for ultra and high speed passenger cars, truck and bus, farm, off-the-road, industrial and specialty applications like mining, retreaded tyres and retreading material. These are produced across Apollo’s eight manufacturing locations in India, Netherlands and Southern Africa.
| Company Name | CMP |
|---|---|
| MRF | 139772.66 |
| Apollo Tyres | 445.30 |
| CEAT | 3713.55 |
| Balkrishna Inds. | 2329.80 |
| JK Tyres & Inds. | 428.30 |
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