Apollo Tyres approves £105 million NCB issue
At a meeting held on Friday, Apollo Tyres Ltd.’s Board of Directors approved the issue of Rs 10 billion (£105 million) worth of non-convertible debentures (NCBs) via a private placement. It will issue the NCBs in one or more tranches according to the limits approved by shareholders at the tyre maker’s Annual General Meeting on 31 July 2019.
Two days prior to the meeting, the Competition Commission of India (CCI) approved Warburg Pincus’ indirect acquisition of a 9.93 per cent stake in Apollo Tyres through the indirect purchase of 108,000,000 compulsorily convertible preference shares. This transaction is worth approximately Rs 10.8 billion (£114 million).