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Warburg Pincus to Offload 3.5% of Apollo Tyres for ₹1,040 Cr

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Synopsis:

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.

Apollo Tyres News Today

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

Company Overview and Shareholding

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.

Block Deal Dynamics and Broker

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.

Future Outlook and Performance

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.

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