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Apollo Tyres has rallied over 6% to Rs 217, also its new high, in early morning deals on NSE after the company said its board has approved a proposal to invest $340 million (around Rs 2,025 crore) to upgrade its manufacturing facilities at Chennai and Kalamassery (Kerala).
"The board approved expansion of the truck and bus radial tyre capacity at the company's Chennai plant from the present 6,000 tyres per day to 8,900 tyres per day," Apollo Tyres said in a statement.
The company will seek shareholders' approval to raise $200 million (around Rs 1,191 crore) via issue of securities to pursue organic growth opportunities and for other corporate purposes.
"The board also approved a proposal to increase the limit of investments by FIIs from 40% to 45% in the equity share capital of the company," it added.
The stock opened at Rs 207 and has seen a combined 3.6 million shares changing hands till 0930 hours on NSE and BSE.
"The board approved expansion of the truck and bus radial tyre capacity at the company's Chennai plant from the present 6,000 tyres per day to 8,900 tyres per day," Apollo Tyres said in a statement.
The company will seek shareholders' approval to raise $200 million (around Rs 1,191 crore) via issue of securities to pursue organic growth opportunities and for other corporate purposes.
"The board also approved a proposal to increase the limit of investments by FIIs from 40% to 45% in the equity share capital of the company," it added.
The stock opened at Rs 207 and has seen a combined 3.6 million shares changing hands till 0930 hours on NSE and BSE.
