Indias Apollo Tyres launches share sale to raise up to $229 million
Indias Apollo Tyres launches share sale to raise up to $229 million
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)
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.