JK Tyre raises Rs 500 cr; to be used for capex, strengthening balance sheet

JK Tyre & Industries on Monday said it has raised Rs 500 crore by way of qualified institutional placement (QIP).

The QIP received an overwhelming response from marquee investors including Indian mutual funds, insurance companies and foreign institutional investors, the tyre major said in a statement.

"This is an important milestone in our corporate journey. Participation of several reputed investors in the issue endorses their faith and confidence in the company's growth story," JK Tyre Chairman and Managing Director Raghupati Singhania stated.

QIP funds will be used for the purpose of growth capex and strengthening of the balance sheet, he added.

JK Tyre shares were trading 0.16 per cent up at Rs 399 apiece on the BSE.