Warburg Pincus to sell 3.5% stake in Apollo Tyres
Warburg Pincus subsidiary White Iris Investment is likely to sell a 3.5% stake in Apollo Tyres on Wednesday. It aims to raise Rs 1,040 crore. The deal size is 2.24 crore shares.
, a subsidiary of , will sell a 3.5% in on Wednesday through a to raise ($ 125 mn), said sources. The deal size is 2.24 crore .The block deal will likely happen at Rs 463.00 per (3.97% discount to Rs 482.15 per share closing price on 21 May 2024). is the broker for the deal.
In December, White Iris Investment had sold a 4.5% stake in for Rs 1,281 crore through multiple block deals.
Shares of Apollo Tyres jumped 7% to Rs 508 last week on the despite the firm reporting a muted set of numbers in the March quarter of FY24.
Tyre major reported a 13.7% year-on-year (YoY) decline in net profit to Rs 354 crore for the fourth quarter ended March 31, 2024. In the corresponding quarter, it posted a net profit of Rs 410.3 crore.
Apollo Tyres Ltd., incorporated in 1972, is a midcap company (market cap of Rs 30,621.39 crore) operating in tyre sector. Promoters held 37.36% stake in the company as of 31st March 2024, while FIIs owned 18.16 per cent, DIIs 21.89 percent.
Source: Stocks-Markets-Economic Times
