Apollo puts Cooper acquisition on hold-report

ERJ staff report (DS)

Mumbai, India – Following a poor Institutional response to a round of capital-raising, Apollo Tyres has reportedly put on hold its plans to buy US-based Cooper Tire & Rubber.

A report in the Indian Newspaper Economic Times quoted un-named sources within Apollo saying that Apollo Tyres did not get a favourable response to its qualified institutional placement (QIP) from the institutional investors who were worried about the end-use of the funds.

Economic Times said, “Finding little favour with the investors to go ahead…

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