Apollo Tyres to raise $150 million through QIBs

Apollo Tyres has received approval from board of directors for raising of up to $150 million through Qualified Institutional Placement to Qualified Institutional Buyers (QIBs). The board also decided to increase the investment limit for FIIs from 30% to 40% of the company’s paid up capital. At the end of June 2012, the FII shareholding in the company is 22.55% of the share capital.

On standalone basis, the company has reported a rise of 69.41% in its net profit at Rs 75.27 crore for first quarter ended June 30, 2012, as compared to Rs 44.43 crore for the same quarter in the previous year. Total income of the company has increased by 9.39% to Rs 2157.34 crore for the quarter under review as compared to Rs  1972.24 crore for the quarter ended June 30, 2011.