Apollo Tyres gets board nod to raise up to Rs 1,200 cr
RitaLily 
31
(This story was originally
July 4, 2014)
Mumbai: Apollo Tyres board on Wednesday approved plans to raise $200 million (Rs 12 billion).
The tire maker’s board also approved expansion of its plants in Chennai and Kalamassery with an estimated capital expenditure of Rs 205 crore.
The company said in a statement that the fund raising will be done through allotment of shares/preference shares/private equity/qualified institutions for placement (QIP)/issuance of shares at par or premium or debentures convertible or non-convertible through warrants. Or through issuance of FCCBBBB portion.
The management also approved an increase in the limit of investment by foreign institutional investors in the company’s equity from 40% to 45%. The company also said that its board of directors has approved the expansion of midday production capacity for trucks and buses at its Chennai plant from 6,000 tires per day to 89,000 tires per day.
The board noted the improved demand outlook.
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