Apollo Tyres to raise Rs 2.5 bn

The tyre maker calls off a rights-cum-follow-on share issue and says it will raise the sum by placing shares with qualified institutional buyers.

Apollo Tyres Ltd on Monday called off a rights-cum-follow-on share issue and said it would instead raise Rs 2.5 billion from qualified institutional buyers.

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The company had deferred the rights issue in July.

Shares in the company rose 3.9 per cent to Rs 316 in a firm Mumbai market.