Shares of tyre manufacturer Apollo Tyres Ltd. gained as much as 5.5% to hit an all-time high of ₹485 after a large block deal took place in the stock in the pre-open block window on Tuesday.
2.86 crore shares of 4.5% of the total equity of Apollo Tyres exchanged hands, according to data available on the exchanges.
CNBC-TV18 had reported on Monday citing sources that White Iris Investment, an affiliate of Warburg Pincus was likely to sell 3% equity or 1.88 crore shares in the Apollo Tyres, with an option to upsize the deal. The sources added the company was looking to raise $100 million via the transaction.
Buyers and sellers in the transaction are yet to be ascertained.
Apollo Tyres reported a 165% year-on-year (YoY) jump in its September quarter net profit to ₹473.3 crore. The company's revenue from operations increased by 5.4% to ₹6,279.6 crore against ₹5,956 crore in the corresponding period of the preceding fiscal.
Earlier this month, it was reported that Warburg Pincus was offloading its stake in three portfolio companies. It first exited the Computer Age Management Services (Ltd) in a large ₹2,700 crore block sale. Around 1.96% of IDFC First Bank's equity also changed hands in a deal worth Rs 1,135 crore, of which Warburg Pincus was a part.
The stock was trading 3.38% higher at ₹468.55 at 9.20 am on December 19.
(Edited by : Hormaz Fatakia)
First Published: Dec 19, 2023 9:34 AM IST
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