Apollo Tyres announces closure of QIP of Rs 1,500 crore
, ET Bureau|
Updated: Oct 12, 2017, 01.32 PM IST
Gurgaon-based Apollo Tyres on Thursday announced the closure of the company's Qualified Institutional Placements (QIP) of Rs 1500 crores.
"The Committee of Directors (Funds Raising) of Apollo Tyres Ltd declared the closure of its equity share issuance to Qualified Institutional Buyers (QIB) to raise upto $229 million (approximately Rs 1500 crores). The company has allotted 63,025,210 equity shares to QIBs at Rs 238 per equity share", Apollo Tyres said in a statement.
The banks managing the QIP for the company were JM Financial, Kotak and UBS.
The fund raised through this QIP would be used for future growth plans of the company and to augment the company’s capital base and financial position.
"The Committee of Directors (Funds Raising) of Apollo Tyres Ltd declared the closure of its equity share issuance to Qualified Institutional Buyers (QIB) to raise upto $229 million (approximately Rs 1500 crores). The company has allotted 63,025,210 equity shares to QIBs at Rs 238 per equity share", Apollo Tyres said in a statement.
The banks managing the QIP for the company were JM Financial, Kotak and UBS.
The fund raised through this QIP would be used for future growth plans of the company and to augment the company’s capital base and financial position.
