New Delhi, Private equity major Warburg Pincus on Wednesday exited Apollo Tire by selling its entire 3.54 per cent stake in the tire manufacturing company for Rs 1,073 crore through an open market transaction.
US-based Warburg Pincus, through its arm White Iris Investment Ltd, sold shares of Gurugram-based Apollo Tires through 14 block deals on the BSE.
According to BSE data, White Iris Investment Ltd sold a total of 2,24,74,903 shares of Apollo Tyres.
The shares were sold at an average price of Rs 477.35 per piece, taking the value of the transaction to Rs 1,072.84 crore.
Buyers of the shares included domestic mutual funds (MFs), an insurance company and foreign investors.
The institutions are Edelweiss Mutual Fund (MF), Mirae Asset MF, ICICI Prudentia MF, Sundaram MF, ICICI Prudential Life Insurance Company, Societe Generale Ghisallo Master Fund LP, Goldman Sachs Investments (Mauritius) I, Morgan Stanley Asia Singapore and Citigroup Global. Market Mauritius.
Exchange shareholding data shows that as of March 2024, White Iris Investments Ltd held 3.54 per cent stake in Apoll Tyres.
On Wednesday, shares of Apollo Tires closed at Rs 490.7 on BSE with a gain of 1.78 per cent.
Last week, Apollo Tires said its consolidated net profit declined 14 per cent to Rs 354 crore in the March 2024 quarter due to higher expenses. The company had reported a net profit of Rs 410 crore in the January-March quarter of the last financial year.
Revenue from operations stood at Rs 6,258 crore in the period under review, compared to Rs 6,247 crore in the fourth quarter of 2022-23.
In December last year, Warburg Pincus had sold 4.5 per cent stake in Apollo Tires for Rs 1,281 crore through multiple block deals.
US-based Warburg Pincus, through its arm White Iris Investment Ltd, sold shares of Gurugram-based Apollo Tires through 14 block deals on the BSE.
According to BSE data, White Iris Investment Ltd sold a total of 2,24,74,903 shares of Apollo Tyres.
The shares were sold at an average price of Rs 477.35 per piece, taking the value of the transaction to Rs 1,072.84 crore.
Buyers of the shares included domestic mutual funds (MFs), an insurance company and foreign investors.
The institutions are Edelweiss Mutual Fund (MF), Mirae Asset MF, ICICI Prudentia MF, Sundaram MF, ICICI Prudential Life Insurance Company, Societe Generale Ghisallo Master Fund LP, Goldman Sachs Investments (Mauritius) I, Morgan Stanley Asia Singapore and Citigroup Global. Market Mauritius.
Exchange shareholding data shows that as of March 2024, White Iris Investments Ltd held 3.54 per cent stake in Apoll Tyres.
On Wednesday, shares of Apollo Tires closed at Rs 490.7 on BSE with a gain of 1.78 per cent.
Last week, Apollo Tires said its consolidated net profit declined 14 per cent to Rs 354 crore in the March 2024 quarter due to higher expenses. The company had reported a net profit of Rs 410 crore in the January-March quarter of the last financial year.
Revenue from operations stood at Rs 6,258 crore in the period under review, compared to Rs 6,247 crore in the fourth quarter of 2022-23.
In December last year, Warburg Pincus had sold 4.5 per cent stake in Apollo Tires for Rs 1,281 crore through multiple block deals.
