Apollo Tyres to raise Rs 365 cr via pref issue

Apollo Tyres plans to raise up to Rs 365 crore through placements to qualified institutional buyers (QIB) and preferential allotment of securities to promoters, effectively shelving its earlier plan for a rights-cum-public issue.

The board of the company, at its meeting held today, approved the proposal submitted by its lead manager for taking the qualified institutional placement (QIP) route - a much simpler process that gives the company quicker access to the capital market, according to an official release issued by the company to the BSE today.

An amount not exceeding Rs 250 crore would be raised through the issue of securities to QIBs, the release said.

The board also approved raising Rs 115 crore by issuance of 40 lakh convertible warrants on a preferential basis to the promoter group.