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Apollo Tyres launches share sale to raise up to $229 million.

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Posted: October 5, 2017 at 9:30 am   /   by   /   comments (0)

India’s Apollo Tyres Ltd. has launched a share sale to institutions to raise up to 15 billion rupees ($229 million), according to a filing on Tuesday. The company is selling shares at 238 rupees apiece, a 2.5 percent discount to the closing share market price on Tuesday of 244.15 rupees, according to a separate deal term sheet.

The base deal size is 12 billion rupees with an upsize option of 3 billion rupees with JM Financial, Kotak and UBS are the banks managing the share sale.

 

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