Reserve Bank of India (RBI) has increased foreign institutional investors' (FIIs) investment limit in Apollo Tyres to 45% of its paid-up capital. RBI has notified that FIIs/Registered Foreign Portfolios Investors (RFPIs), through primary market and stock exchanges, can now purchase up to 45% of the paid up capital of Apollo Tyres under the Portfolio Investment Scheme (PIS). The company has passed resolutions at the board of directors' level and a special resolution by the shareholders, agreeing for enhancing the limit from 40% to 45% for the purchase of its equity shares and convertible debentures by FIIs/ RFPIs.
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.
