Apollo Tires Allocates Shares to Emerald Sage Investment; declining stocks

Apollo Tires Ltd informed the stock exchanges on Saturday that the Board of Directors – Private Placement has allotted 6 30 50 966 shares of the company with a par value of Rs1 / – each. This is the conversion of (i) 5 40,000,000 (five crores forty lakhs) 6.34% of cumulative, participating and obligatorily convertible preference shares and (ii) 5 40,000,000 (five crores forty lakhs) 6 , 34% cumulative, participating and obligatorily preferred shares in tranche 2 CCPS, with a nominal value of Rs 100 / – each, allocated respectively on April 22, 2020 and October 7, 2020.

The preferential allotment was made on the basis of a private placement, at a conversion price of Rs 171.29 each, to Emerald Sage Investment Ltd, the company said.

After the conversion of tranche 1 and tranche 2 CCPS and the allocation of participation shares, the paid-up share capital of the company amounts to Rs. comprising participation shares of the face value of Re. 1 each.

With Saturday’s award, the cumulative ownership of Warburg Pincus LLC’s affiliates, including the awardee, to date is approximately 18%.

Apollo Tires was trading at Rs 186.50 per coin, down Rs 1.7 or 0.9% on BSE, around 12.58pm.

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