Apollo Tyres, raises Rs.1,500 crore from issue of 63 million equity shares under the qualified institutional placement(QIP) route.
The company’s shares were issued at Rs.238 per share. Following the allotment, the paid up equity share capital of the company stands increased to Rs 57.2 crore comprising 572 million shares.
Further Apollo stated,”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.”
