Apollo Tyres launches share sale to raise up to $229 million
Apollo Tyres is selling shares at Rs238 apiece, a 2.5% discount to the closing share market price on Tuesday of Rs244.15
Mumbai: Apollo Tyres Ltd has launched a share sale to institutions to raise up to Rs1500 crore ($229 million), according to a filing on Tuesday.
The company is selling shares at Rs238 apiece, a 2.5% discount to the closing share market price on Tuesday of Rs244.15, according to a separate deal termsheet seen by Reuters.
The base deal size is Rs1200 crore with an upsize option of Rs300 crore.
JM Financial, Kotak and UBS are the banks managing the share sale. Reuters
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