Warburg Pincus exits Apollo Tyres; pares complete stake for Rs 1,073 crore | Information on Markets

Personal fairness main Warburg Pincus on Wednesday exited Apollo Tyres by promoting its complete 3.54 per cent stake within the tyre manufacturing firm for Rs 1,073 crore by means of open market transactions.

US-based Warburg Pincus by means of its arm White Iris Funding Ltd offloaded the shares of Gurugram-based Apollo Tyres by means of 14 block offers on the BSE.

As per the information on the BSE, White Iris Funding Ltd offered a complete of two,24,74,903 shares of Apollo Tyres.

The shares had been offloaded at a mean value of Rs 477.35 per piece, taking the transaction worth to Rs 1,072.84 crore.

A clutch of home mutual funds (MFs), an insurance coverage firm and international traders had been among the many patrons of the shares.

The entities are Edelweiss Mutual Fund (MF), Mirae Asset MF, ICICI Prudential MF, Sundaram MF, ICICI Prudential Life Insurance coverage Firm, Societe Generale, Ghisallo Grasp Fund LP, Goldman Sachs Investments (Mauritius) I, Morgan Stanley Asia Singapore, and Citigroup World Markets Mauritius.

As of March 2024, White Iris Funding Ltd maintain a 3.54 per cent stake in Apollo Tyres, shareholding information with the bourse confirmed.

On Wednesday, shares of Apollo Tyres gained 1.78 per cent to settle at Rs 490.75 apiece on the BSE.

Final week, Apollo Tyres mentioned its consolidated web revenue declined 14 per cent to Rs 354 crore for the March 2024 quarter on account of upper bills. The corporate had reported a web revenue of Rs 410 crore within the January-March quarter of final fiscal.

Income from operations was at Rs 6,258 crore within the interval below overview in contrast with Rs 6,247 crore within the fourth quarter of 2022-23.

In December final yr, Warburg Pincus divested a 4.5 per cent stake in Apollo Tyres for Rs 1,281 crore by means of a number of block offers.

First Printed: Could 23 2024 | 12:23 AM IST