Apollo shareholders approve $1000 million loans

ERJ staff report (DS)

Mumbai, India – IN a brief stock Exchange announcement, Apollo Tyres said its shareholders have approved a motion to permit the company to borrow up to Rs 50 billion (euro 736 million).

The announcement said the company may draw on either Rupee-denominated funds, or foreign currencies, and left the terms of the loans to be negotiated by the management of Apollo Tyres Ltd

A second motion permitting the management to mortgage any corporate assets as loan securities was also passed by the postal…

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