Apollo tyres shares surge nearly 6% post block deal

Shares of Apollo Tyres saw a significant rise of nearly 6% in early trading on Wednesday. This surge came after a large block deal involving 2.25 crore shares, accounting for 3.5% of the company’s equity, took place on the Bombay Stock Exchange (BSE). The specifics of the deal are still being uncovered.

According to reports, White Iris Investment Ptd Ltd, which is part of the global private equity firm Warburg Pincus, is likely the seller in this transaction. White Iris holds a 3.54% stake in Apollo Tyres. Warburg Pincus, through its various subsidiaries, owns a total of 13.5% in the company. This includes 3.54% held by White Iris and another 9.93% held by Emerald Sage Investment Ltd.

Advertisement

Sources suggests that White Iris is planning to sell its entire stake in Apollo Tyres. The block deal is estimated to be worth around ₹1,041 crore, with a floor price set at ₹463 per share.

As of 11:50 am, Apollo Tyres shares were trading 1.57% higher at ₹490.20.