White Iris Investment is reportedly considering the sale of a 3% equity stake of Apollo Tyres, with an option for additional shares, sources told CNBC. The investment firm is looking to raise $100 million through this equity offering.
The proposed floor price for the anticipated Apollo Tyres block deal stands at Rs 440 per share, representing a 2% discount to the current market price.
Investors should note that a 90-day lock-in period will be implemented following the share sale.
Apollo Tyres Limited, a Gurgaon-based Indian multinational tire manufacturing company, has its roots dating back to its establishment in 1972. The inaugural production facility was set up in Perambra, situated in Chalakudy, Kerala. Presently, Apollo Tyres operates five manufacturing units within India, in addition to one in the Netherlands and another in Hungary.
