Apollo Tyres Ltd to raise $200 million

To pursue the organic growth opportunities and for other corporate purposes, the Board of Directors of Apollo Tyres Ltd have passed resolution seeking authorisation of the Shareholders at the forthcoming Annual General Meeting for raising of funds through issue of securities to the extent of USD 200 million in one or more tranches either by way of Rights issue/Preferential issue/Private placement(s)/QIP/ Public Issue of equity shares at par or premium, Convertible or Non Convertible Debentures with Warrants and/or by way of issue of FCCB's and/or such other instruments and on such terms and conditions as may be decided by the Board and/or Committee of the Board.

The Board approved proposal seeking authorisation of the Shareholders as per section 42 and other applicable provisions, if any, of the Companies Act, 2013 for Private placement of unsecured/secured Non Convertible Debentures not exceeding Rs. 500 crores within overall borrowing limits of the Company.

Shares of APOLLO TYRES LTD. was last trading in BSE at Rs.204.25 as compared to the previous close of Rs. 203.3. The total number of shares traded during the day was 384502 in over 7668 trades.

The stock hit an intraday high of Rs. 207.35 and intraday low of 203. The net turnover during the day was Rs. 78931563.

Source : Equity Bulls

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