India`s Apollo Tyres Ltd has launched a share sale to institutions to raise up to 15 billion rupees ($229 million), according to a filing on Tuesday.
The company is selling shares at 238 rupees apiece, a 2.5 percent discount to the closing share market price on Tuesday of 244.15 rupees, according to a separate deal termsheet seen by Reuters.
The base deal size is 12 billion rupees with an upsize option of 3 billion rupees.
JM Financial, Kotak and UBS are the banks managing the share sale.
($1 = 65.5250 Indian rupees)
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