White Iris Investment Sells 4.5% Stake in Apollo Tyres for Rs 1,281 Cr

New Delhi, Dec 19 (PTI) White Iris Investment on Tuesday pared 4.5 per cent stake in tyre manufacturing company Apollo Tyres for Rs 1,281 crore through open market transactions.

White Iris Investment, a public shareholder in Apollo Tyres, offloaded more than 2.85 crore shares of the company in 22 tranches.

Edelweiss Mutual Fund (MF), UTI MF, ICICI Prudential MF, Nippon India MF, Invesco MF, Societe Generale, Goldman Sachs Investments (Mauritius) I Ltd, Morgan Stanley Asia Singapore, and Plutus Wealth Management LLP, among others were the buyers of the shares.

According to the block deal data available with the BSE, White Iris Investment sold a total of 2,85,79,542 shares, representing a 4.49 per cent stake in Apollo Tyres.

The shares were disposed of at an average price of Rs 448.35 apiece, taking the combined deal size to Rs 1,281.36 crore.

After the latest transaction, White Iris Investment's shareholding has declined to 3.55 per cent from 8.04 per cent stake in Apollo Tyres.

On Tuesday, shares of Apollo Tyres gained 0.55 per cent to close at Rs 455.35 apiece on the BSE.

In November, Apollo Tyres reported over two-and-a-half-fold rise in consolidated net profit to Rs 474.26 crore in the September quarter, riding on higher revenue and lower raw material costs.

Apollo Tyres sells its products in 170 countries across the globe, with India and Europe being the two major markets.