BAJAJ BROKING
White Iris Investment, a subsidiary of Warburg Pincus, plans to sell a 3.5% stake in Apollo Tyres for ₹1,040 crore through a block deal on May 22. The deal involves the sale of 2.24 crore shares at ₹463/share with a 4% discount.
White Iris Investment, a subsidiary of Warburg Pincus, is set to divest a 3.5% stake in Apollo Tyres through a block deal on Wednesday, aiming to raise ₹1,040 crore. The deal involves the sale of 2.24 crore shares at a price likely to be around ₹463.00 per share, representing a 4% discount to the closing price on May 21, 2024.
Additional Read: Signatureglobal India Ltd Share Price
Apollo Tyres, a midcap company with a market cap of ₹30,621.39 crore, operates in the tyre sector. As of March 31, 2024, promoters hold a 37.36% stake, while FIIs and DIIs hold 18.16% and 21.89%, respectively.
The block deal is expected to be brokered by IIFL Securities and is anticipated to occur at a floor price between ₹460-465 per share, with good demand from domestic funds. This divestment follows a previous sale in December, where White Iris Investment sold a 4.5% stake for ₹1,281 crore.
Apollo Tyres reported a consolidated net profit decline of 14% for the March 2024 quarter, attributed to higher expenses. However, the company remains optimistic about future demand across its key geographies and product segments.
Despite a recent jump in Apollo Tyres' stock price, the company reported a 13.7% decline in net profit for the March quarter of FY24. The Board of Apollo Tyres has recommended a dividend of ₹6 per equity share for FY24.
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
For All Disclaimers Click Here: https://bit.ly/3Tcsfuc
Share this article:
Gold Price in India | Gold Rises 1% to $2,719 Ahead of U.S. PPI Data
12 Dec, 2024 | 39 Min. read
Indian Overseas Bank Receives ₹808.3 Crore Income Tax Refund
12 Dec, 2024 | 2 Min. read
Shakti Pumps Secures ₹754.3 Crore Solar Water Pump Order in Maharashtra
12 Dec, 2024 | 2 Min. read
Coca-Cola Sells 40% Stake in Bottling Arm to Jubilant Bhartia Group
12 Dec, 2024 | 2 Min. read
Vedanta to Consider Fourth Interim Dividend on December 16
12 Dec, 2024 | 2 Min. read
Share Market Today | Flat to Positive Start Expected for Indian Markets Amid Global Cues
12 Dec, 2024 | 4 Min. read
Securities Transaction Tax: Meaning & Charges
12 Dec, 2024 | 7 Min. read
International Gemological Institute India IPO Issue Date & Pricing
12 Dec, 2024 | 4 Min. read
How to Apply for International Gemological Institute India IPO?
12 Dec, 2024 | 3 Min. read
Robo Trading: Meaning, Examples, Features & Types
12 Dec, 2024 | 6 Min. read
India’s Leading Infrastructure Stocks for 2024
12 Dec, 2024 | 6 Min. read
India’s Leading Government Stocks in 2024
12 Dec, 2024 | 6 Min. read
RBI Launches ULI: Transforming Loan Access
August 27, 2024 | 4 Min. read
Textile Sector in India
September 20, 2024 | 5 Min. read
List of IPOs with DRHPs Filed
November 30, 2023 | 3 Min. read
Aditya Birla Group
September 28, 2023 | 10 Min. read
Bajaj Housing Finance Ltd IPO: Things Smart Investors Need to Know
September 05, 2024 | 4 Min. read
Budget Stock Ideas 2024-2025 | Stocks to Buy Today
July 24, 2024 | 4 Min. read
IPO Eligibility Criteria : Full Details
March 15, 2024 | 6 Min. read
What Is the Lock-In Period in IPOs?
October 18, 2023 | 6 Min. read
Godfrey Phillips Announces 2:1 Bonus Shares
September 16, 2024 | 7 Min. read
Jindal Group- A Comprehensive Analysis
September 27, 2024 | 7 Min. read
Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading