JK Tyre plans to raise up to Rs 1,000 cr via securities

JK Tyre & Industries today said its board has given approval to raise up to Rs 1,000 crore by issuing securities.

"The board approved raising of funds by issue of securities, convertible/non-convertible with or without warrant...By way of public and or private offerings...For an amount of up to Rs 1,000 crore in one of more tranches," JK Tyre & Industries said in a regulatory filing.

This is in suppression of the resolutions of the board for raising of funds by issue of non-convertible debentures as announced on November 9, it added.

The approval of the members to raise the funds will be obtained by a way of postal ballot, the tyremaker said.

JK Tyre shares today ended 1.82 per cent higher at Rs 1,11.75 apiece on BSE.