Apollo Tyres block deal: 3.6% equity changes hands, stock hits 52-week high
Apollo Tyres share price NSE, Apollo Tyres block deal: Shares of Apollo Tyres on Tuesday, December 19, emerged as the top Nifty 50 gainer and rose as much as seven per cent to clock a fresh 52-week high of Rs 485 apiece on the NSE.
)
Apollo Tyres share price NSE, Apollo Tyres block deal: Shares of Apollo Tyres on Tuesday, December 19, rose as much as seven per cent to clock a fresh 52-week high of Rs 485 apiece on the NSE, surpassing an earlier peak of Rs 465 touched last week. The stock rallied after a block deal in the counter in the pre-opening session. As per Zee Business report, White Iris Investment was expected to dilute a 3 per cent stake in the Tyre stock via an upsize option in a deal valued at around Rs 832 crore. The floor price for the deal, as per the report, was pegged at Rs 440 apiece, which is a discount of 2 per cent to the last closing price. Apollo Tyres shares finished 0.65 per cent or Rs 2.95 at Rs 456 on NSE.
Here's how the counter moved on Tuesday, December 19:
TRENDING NOW
Source: NSE
Apollo Tyres share price history
Apollo Tyres' stock has risen nearly 40 per cent so far this year. In addition, the stock has given a positive return of nearly 40 per cent in the last 12 months (from December 20, 2022). In comparison, the headline index Nifty 50 has rallied nearly 17 per cent.
What does Apollo Tyres do?
Apollo Tyres is a tyre manufacturing company headquartered in Gurgaon, Haryana. Incorporated in 1972, Apollo Tyres' first plant was commissioned in Perambra in Chalakudy, Kerala. Now, the company has five manufacturing units in the country, one in the Netherlands and one in Hungary.
For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.