APOLLO TYRES LTD. - Outcome of Board Meeting

Rediff Moneywiz

Hi Guest
Feedback

APOLLO TYRES LTD. - Outcome of Board Meeting

	< Back
02 Jul 2014
Apollo Tyres Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 02, 2014, has approved the following:<br/><br/>1. Expansion of the Truck and Bus radial tyre capacity at the Chennai plant from the present 6000 tyres per day to 8900 tyres per day and Conversion of the Company's leased operations at Kalamassery plant from bias truck tyres to speciality/industrial tyres involving capex of US$ 340 million.<br/><br/>2. To pursue the organic growth opportunities and for other corporate purposes, the Board passed resolution seeking authorisation of the Shareholders at the forthcoming Annual General Meeting for raising of funds through issue of securities to the extent of USD 200 million in one or more tranches either by way of Rights issue/Preferential issue/Private <br/>placement(s)/QIP/ Public Issue of equity shares at par or premium, Convertible or Non Convertible Debentures with Warrants and/or by way of issue of FCCB's and/or such other instruments and on such terms and conditions as may be decided by the Board and/or Committee of the Board.<br/><br/>3. Seeking authorisation of the Shareholders as per section 42 and other applicable provisions, if any, of the Companies Act, 2013 for Private placement of unsecured/secured Non Convertible Debentures not exceeding Rs. 500 crores within overall borrowing limits of the Company.<br/><br/>4. Increase in the limit of investments by FIIs from 40% to 45% in the equity share capital of the Company.
View all announcements for APOLLO TYRES LTD.	Source: BSE India

ALL MONEYWIZ PAGES