Apollo Tyres raises Rs 1,500 crore through QIP

Moneycontrol News

Apollo Tyres, the second largest tyre-maker in India, has successfully raised Rs 1,500 crore through issuance of 63 million equity shares under the qualified institutional placement route.

Shares were issued at Rs 238 per share. Pursuant to the allotment, the paid-up equity share capital of the company stands increased to Rs 57.2 crore comprising 572 million shares.

“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”, said a statement from Apollo.