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SAM, Luthra, A&O advises Apollo Tyres on $230m QIP

Leading tyre manufacturing company, Apollo Tyres raised upto Rs. 1500 crores (USD 230 million) via issue of shares to qualified institutional buyers (QIBs) as reported by The Economic Times and Business Standard. The placement document was filed with the Indian stock exchanges on October 6, 2017 and the allotment of the equity shares pursuant to the issue was done on October 10, 2017. As a part of the transaction, QIP of 63,025,210 equity shares (face value of INR 1 each) of Apollo Tyres Limited was done at a price of INR 238 per Equity Share, including a premium of Rs 237 per Equity Share, aggregating to approximately Rs 1,500 crores.

Shardul Amarchand Mangaldas advised Apollo Tyres on Indian laws, led by capital markets national practice head Prashant Gupta, senior associate Ishita Kashyap, associate Devi Prasad Patel and associate Saparya Sood.

Luthra & Luthra acted as the Indian legal advisors to JM Financial, Kotak Mahindra Capital and UBS Securities, the global coordinators and the book running lead managers to the issue.

Allen & Overy acted as the international legal advisors to the book running lead managers.

Apollo Tyres is one of the top 17 tyre manufacturing companies in the world with manufacturing and distributing operations in Europe, and distribution networks covering the majority of the Middle East, the ASEAN countries, North America and Africa. The fund raised through this QIP would be used for future growth plans of the company and to augment the company’s capital base and financial position.


This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

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