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Apollo Tyres raises Rs 1,500 cr via QIP

Press Trust of India  |  New Delhi 

today said it has raised up to USD 229 million (around Rs 1,500 crore) via issue of to qualified institutional buyers (QIBs).

The company's committee of directors (funds raising) has declared the closure of its equity share issuance to QIBs to raise up to USD 229 million, said in a statement.

The tyre maker has allotted 63,025,210 equity to QIBs at Rs 238 per share, it added.

"The fund raised through this QIP (qualified institutional placement) would be used for future growth plans of the company and to augment the company's capital base and financial position," said.

of Apollo Tyres today closed 2.06 per cent higher at Rs 242.60 on

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, October 12 2017. 15:48 IST