Tyre & Industries Limited, one of the leading tyre manufacturers in India
has successfully concluded its fund-raising plans of Rs.500 crore by way of
Qualified Institutional Placement (QIP).
was priced at Rs.345 per share (including a premium of Rs.343 per share with
face value of Rs.2 per share). QIP received overwhelming response from marquee
investors includingIndian mutual funds, insurance companies and foreign
Raghupati Singhania, Chairman and Managing Director, JK Tyre said; “We are
pleased to have successfully completed QIP of Rs.500 crore. This is an
important milestone in our corporate journey. Participation of several reputed
investors in the issue endorses their faith and confidence in the Company’s growth
story. QIP funds will be used for the purpose of growth capex and strengthening
of the balance sheet”.
Emkay Global Financial Services Ltd managed
the issue as sole Lead Manager.
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