Apollo Tyres seeks approval of shareholders to raise US$ 150 million


Apollo Tyres recently announced that its board of directors has approved their request to raise US$ 150 million (Rs 800 crore) through offering shares to qualified institutional buyers. The company also said that the board has already approved 40% of increase to the foreign institutional investors’ investment limit.



“The board has decided to seek approval of members through postal ballot (for the fund raising programme and increasing FII limit),” the filing said.



It is believed that the company will use the fund to support its plan for growth and expansion in India and other countries abroad.



The company has announced to invest more in its Kalamassery unit in Kerala in the next two years to export industrial tyres. Apollo Tyres is also processing its Greenfield projects in the Eastern Europe. (PRA)