Indian tyre manufacturer Apollo Tyres has announced that its board of directors has approved raising US$150m.
In a filing to the Bombay Stock Exchange (BSE) Apollo Tyres stated that this will be done through qualified institutions placement to qualified institutional buyers.
The supplier’s board has also approved an increase in the investment limit for Foreign Institutional Investors (FII). The investment limit for FIIs currently stands at 30%; this will now be raised to 40% of the company’s paid-up capital.
The supplier declined to comment specifically on where it intends to use these funds.
