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CEAT has gained more than 1% on the bourses on plans to raise Rs 250-300 crore from private equity firms, according to newspaper reports. The stock is currently trading at Rs. 836, up by 11 points or 1.3% on the BSE.
The scrip opened at Rs 833 and has touched a high of Rs 861 and a low of Rs 832 thus far.
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The company has reportedly mandated Kotak Investment Banking to be the advisor for the issue and will use the proceeds for expanding its off-roading products portfolio.
The promoters holding in the company stands at 50.76%, while institutions and non-institutions hold 30.97% and 18.27% respectively, as of date.
There is no clarity on the names of the PE firms and the extent of stake dilution at the moment. CEAT is a flagship company of RPG Enterprises and a leading manufacturer of automotive tyres.
