CEAT gains on share sale to institutional investors

Reuters Market Eye - Ceat Ltd gains 1.8 percent.

Company on Monday launched share sale to institutional investors at a floor price of 930.53 rupees per share.

Ceat looking to raise between $56.7 million to $64.7 million in a price band of 890 rupees to 905 rupees - termsheet shows

Tyremaker intends to use the proceeds for expansion and for augmentation of long-term working capital, the sheet added.

(Reporting by Abhishek Vishnoi)