Apollo Tyres Stake Sale: White Iris Investment Sells 4.5% Stake for Rs 1,281 Crore

In a significant transaction, White Iris Investment, a public shareholder in Apollo Tyres, has divested a substantial portion of its stake in the tyre manufacturing company. Through open market transactions, White Iris Investment sold over 2.85 crore shares, representing approximately 4.49% of Apollo Tyres' total outstanding shares.

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Buyers of the Shares

The buyers of these shares include several prominent institutional investors and financial institutions. Among them are 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.

Transaction Details

According to the block deal data available with the Bombay Stock Exchange (BSE), White Iris Investment sold a total of 2,85,79,542 shares at an average price of Rs 448.35 per share. This resulted in a combined deal size of Rs 1,281.36 crore.

Reduced Shareholding

As a result of this transaction, White Iris Investment's shareholding in Apollo Tyres has significantly declined. Its stake has reduced from 8.04% to 3.55%, indicating a substantial reduction in its ownership position in the company.

Apollo Tyres' Performance

On the day of the transaction, Apollo Tyres' shares experienced a slight uptick, gaining 0.55% to close at Rs 455.35 apiece on the BSE. This positive movement in the stock price suggests investor confidence in the company's performance.

Strong Financial Results

In November, Apollo Tyres reported impressive financial results for the September quarter. The company's consolidated net profit witnessed a remarkable two-and-a-half-fold increase, rising to Rs 474.26 crore. This growth was attributed to higher revenue and lower raw material costs.

Global Presence

Apollo Tyres has established a strong global presence, with its products being sold in over 170 countries worldwide. India and Europe serve as the company's two major markets, contributing significantly to its overall business.