The leading global PE firm offloaded about 3.5% stake or 2.24 crore shares in the transaction at Rs 477.35 apiece, taking the deal value to around Rs 1,072 crore.
Marquee funds, including Goldman Sachs, Morgan Stabley, Mirae Asset MF, Societe Generale, Citigroup, ICICI Pru MF, bought stakes in the company.
According to the latest shareholding data available with the exchanges, Apollo Tyres is majority owned by public shareholders with 62.64% stake, while promoters own the remaining 37.36%.
Among the public shareholders, mutual funds have a significant 16.77% stake and foreign investors hold about 17.61% stake, as of March 2024.Apollo Tyres incorporated in 1972, is a midcap company (market cap of Rs 30,621.39 crore) operating in tyre sector.In December last year, White Iris Investment had sold a 4.5% stake in Apollo Tyres for Rs 1,281 crore through multiple block deals.In the recent March quarter, the tyre major reported a 13.7% year-on-year (YoY) decline in net profit at Rs 354 crore. In the corresponding quarter, it posted a net profit of Rs 410.3 crore.
Meanwhile, the company’s revenue from operations increased 0.2% to Rs 6,258 crore against Rs 6,247.3 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA increased 3% to Rs 1,028 crore in the fourth quarter of this fiscal over Rs 998.4 crore in the year-ago period. The EBITDA margin stood at 16.4% in the reporting quarter compared to 16% in the corresponding period in the previous fiscal.
On Wednesday, Apollo Tyres shares closed 1.9% higher at Rs 491.80 on NSE.
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