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, â€œFinding little favour with the investors to go ahead with the QIP de-railed Apollo Tyres' plans for the big bang acquisition of Cooper Tire & Rubber Company, said a source with direct knowledge.â€
Apollo had not responded to requests for clarification as this story was posted.
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Press release from source
Economic Times (India)