Apollo Tyres closes QIP of INR 15 billion
Apollo Tyres has raised INR 15 billion via Qualified Institutional Placements (QIP). The Committee of Directors (Funds Raising) of Apollo Tyres has declared the closure of its equity share issuance to Qualified Institutional Buyers (QIB) to raise upto $229 million (approximately INR 15,000 million) on October 10, 2017. The company has allotted 63,025,210 equity shares to QIBs at INR 238 per equity share (including a premium of INR 237 per equity share).
Pursuant to the allotment of Equity Shares in the QIP, the paid-up equity share capital of the company stands increased to INR 572,049,980 comprising 572,049,980 Equity Shares.
The banks managing the QIP for the company were JM Financial, Kotak and UBS. The fund raised through this QIP would be used for future growth plans of the company and to augment the company’s capital base and financial position.
The shares were listed and admitted for trading on Indian Stock Exchanges (NSE and BSE) from October 12, 2017, informed Apollo Tyres.