Apollo to raise €33 million through share issue

Gurgaon, Haryana, India - Apollo Tyres Ltd intends to issue new share capital with the aim of raising Rs 2000 million ( Euro 33.5 million) on the National Stock Exchange in New Delhi.

In a statement, the company said it would, "issue equity shares of Rs.10/- each for cash at premium, on a rights basis in the ratio of 1:6 (i.e. one rights equity share for every six equity shares held as on the record date to be fixed later). In addition, for every four equity shares allotted on a rights basis under the Rights Issue, the allottee will receive one warrant. The warrant holder will be entitled to exercise his right to apply for one equity share of Rs.10/- each for cash at a premium, at warrant exercise price, for each warrant held at any time during the warrant exercise period. The issue price of the equity shares to be issued pursuant to the Rights Issue and the exercise price/terms of warrants shall be decided closer to the record date.

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Website of Apollo Tyres