Apollo Tyres drops fundraising plan
ERJ staff report (BC)
Chennai, India – Apollo Tyres, has decided to drop its plan to raise Rs8bn (€113m) through a qualified institutional buyers (QIB) instrument, reports Business Standard. The company cited volatile market conditions meaning that less additional capacity is required than had been expected.
It will, however, go ahead with expansion plans both in India and abroad, costing around Rs5bn (€71m), to be funded internally.
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Full story from Business Standard