Apollo Tyres to sell 25% in Premier.
Economic Times (New Delhi, India), February, 2006
Feb. 27--NEW DELHI -- Apollo Tyres is set to offload 25 percent stake in Premier Tyres, the Kerala-based tyre company, which it had acquired a few years ago. Apollo plans to divest the stake through a mix of secondary market deals and in-house transfer deals to other group companies.
Currently, Apollo has over 70 percent stake in Premier Tyres. While the figures available with stock exchanges (SEs) show the promoter group's stake at 76.60 percent as on December 31, '05, company sources said the stake is currently at about 71 percent. This means that the group may have already offloaded part of its equity in the company.
Premier Tyres shares are currently traded in the range of Rs 27-28. The stake sale move follows Apollo's decision to de-subsidiarise...
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