Apollo Tyres gains 4% after 3.6% equity changes hand

According to a report, White Iris was looking to raise $100 million through the sale along with an upsize option

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Apollo Tyres gained 4.3 percent at the open on December 19 after 3.6 percent stake, or 2.3 crore shares, changed hands in a block deal. While the sellers and buyers were not immediately known, foreign portfolio investor White Iris Investment was the likely seller.

The previous day, the stock closed in the green at Rs 453 on the NSE.

Late on December 18, CNBCTV-18 reported that White Iris Investment was likely to offload a 3 percent stake in Apollo Tyres via. The floor price for the block deal was likely to be Rs 440 a share, it said.

White Iris was looking to raise $100 million through the sale of along with an upsize option.  A lock-in period of 90 days would come into effect following the share sale, the report said.

As of September 30, 2023, White Iris held around 8.04 percent stake, or 5 crore shares, in the company.

Also read: Apollo Tyres: White Iris Investment likely to sell 3% equity via block deal, say sources

In the September quarter, Apollo Tyres reported a 165 percent year-on-year (YoY) increase in net profit at Rs 473.3 crore.  EBITDA grew 62.9 percent to Rs 1,159.8 crore. Over the past year, Apollo Tyres has gained over 39.74 percent.

At 9.45 am, the stock was trading at Rs 464 on the National Stock Exchange, up 2.42 percent from the previous close.

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