Apollo Tyres has rallied 8% to Rs 60.95 in morning trades after falling 39% in past twelve trading sessions on the Bombay Stock Exchange (BSE).
In a regulatory filing on Friday, the tyre maker said the promoter has hiked their stake in the company through creeping acquisition route.
Classic Auto Tubes, one of the promoters of Apollo Tyres, bought 600,000 shares at an average price of Rs 56.73 per share from the open market on June 26.
According to the company, the deal was worth Rs 3.40 crore and its stake moved up to 1.86% from 1.74%. At the end of March 2013, the promoters’ stake in the company stood at 43.37%.
The stock has been under pressure, declined 39% to Rs 56.50 on Friday from Rs 92 on June 12, after the company informed the exchanges that it had agreed to buy US-based Cooper Tire & Rubber Company for about $2.5 billion or about Rs 14,500 crore and will fund the deal through debt.
In a regulatory filing on Friday, the tyre maker said the promoter has hiked their stake in the company through creeping acquisition route.
Classic Auto Tubes, one of the promoters of Apollo Tyres, bought 600,000 shares at an average price of Rs 56.73 per share from the open market on June 26.
According to the company, the deal was worth Rs 3.40 crore and its stake moved up to 1.86% from 1.74%. At the end of March 2013, the promoters’ stake in the company stood at 43.37%.
The stock has been under pressure, declined 39% to Rs 56.50 on Friday from Rs 92 on June 12, after the company informed the exchanges that it had agreed to buy US-based Cooper Tire & Rubber Company for about $2.5 billion or about Rs 14,500 crore and will fund the deal through debt.
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