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.
This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.
Full story from Business Standard
This article is only available to subscribers - subscribe today
Subscribe for unlimited access. A subscription to European Rubber Journal includes:
- Every issue of European Rubber Journal (6 issues) including Special Reports & Maps.
- Unlimited access to ERJ articles online
- Daily email newsletter – the latest news direct to your inbox
- Access to the ERJ online archive