Apollo Tyres to raise Rs 2,000 crore for capex plans
GeorgeGunter 
31
Chennai: Apollo Tyres today said its board of directors has agreed to raise about Rs 200 crore to meet his capital expenditure plans, including expansion of two plants in the south.
“In order to meet the expanding capex requirements of the Chennai and Kalamassery (Kerala) plants, the Board of Directors has approved the raising of 200 one crore rupees of debt through rupee term loans, foreign currency term loans and non-depository vouchers.” Sometimes, Apollo Till said in a filing on Mad Cow Disease Exchange.
The company is reportedly seeking shareholders’ approval through a postal ballot for private equity in not more than 100 of the company’s total loans In order to meet the capex requirement, Rs 100 crore of unsecured NCDs.
The company said it plans to expand its Chennai plant where the capex is Rs 120 crore.
The plant produces tires for trucks and buses. Under the expansion plan, the production capacity will increase from 8900 start tires per day to 12,000,000 tires per day.
At the same time, the company announced the appointment of Sunam Sarkar as a “Non-Executive Outside Director” and General Vikram Singh, former Chief of Army Staff, as an “Additional Director (Outside Director)”.
The company’s share price was quoted at 182.55 The rupee closed 12.66% lower compared to the Bombay Stock Exchange.
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