Apollo Tyres gains on plans to acquire majority stake in US based Cooper Tire

Apollo Tyres is currently trading at Rs. 88.80, up by 0.80 points or 0.91% from its previous closing of Rs. 88.00 on the BSE.

The scrip opened at Rs. 88.80 and has touched a high and low of Rs. 89.50 and Rs. 88.40 respectively. So far 295458 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 102.45 on 13-Sep-2012 and a 52 week low of Rs. 52.00 on 20-Oct-2011.

Last one week high and low of the scrip stood at Rs. 90.05 and Rs. 84.20 respectively. The current market cap of the company is Rs. 4500.94 crore.

The promoters holding in the company stood at 43.37% while Institutions and Non-Institutions held 33.53% and 23.10% respectively.

Apollo Tyres, country’s tyre manufacturer is reportedly in discussion to acquire a majority stake in U.S.-based Cooper Tire & Rubber Co., in a deal valued at around $600 million. With this deal Apollo will get access to the U.S. market for replacement of tyres for cars and light and medium trucks.

The company will use fresh borrowing and proceeds from the share sale, expected mid November, to finance the deal. It has hired Standard Chartered and HSBC for a secondary share sale in the Indian market to raise up to $150 million.