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Kanwar`s stake in ATL to come down by 6.54%
Kolkata, Dec 08: The shareholding of Apollo Tyres Limited (ATL) promoter Onkar S Kanwar will come down by 6.54 per cent to 37.33 per cent after preferential allotment of 14.90 per cent of the company`s existing shares to French Tyre major Michelin Group.
Kolkata, Dec 08: The shareholding of Apollo Tyres Limited (ATL) promoter Onkar S Kanwar will come down by 6.54 per cent to 37.33 per cent after preferential allotment of
14.90 per cent of the company's existing shares to French Tyre major Michelin Group.
After the proposed allotment of shares to Michelin, the stake of promoters and business associates in the company would come down to 37.33 per cent from existing 43.87 per
cent, an ATL official said.
The shareholding of FIs, MFs, banks and govt of Kerala would stand reduced to 19.58 per cent from 23.01 per cent while that of public and others would come down to 28.19 per cent from 33.12 per cent at present.
ATL had announced on November 17 last to allot 14.90 per stake in the company to world's largest tyre maker, Michelin, for Rs 134.82 crore to enter into a technical alliance for manufacture of passenger car radial tyres by ATL and also set up a 51:49 joint venture with it for manufacturing and marketing truck and bus radial tyres. The French group planned to invest about Rs 322 crore over the next four years to build a Greenfield manufacturing unit for passenger car radial tyres in India, the production of which was expected to begin in September, 2005. R
The new JV firm was expected to start marketing imported tyres from April, 2004 with the dual-brand of "Michelin" and "Apollo".
Bureau Report
The shareholding of FIs, MFs, banks and govt of Kerala would stand reduced to 19.58 per cent from 23.01 per cent while that of public and others would come down to 28.19 per cent from 33.12 per cent at present.
ATL had announced on November 17 last to allot 14.90 per stake in the company to world's largest tyre maker, Michelin, for Rs 134.82 crore to enter into a technical alliance for manufacture of passenger car radial tyres by ATL and also set up a 51:49 joint venture with it for manufacturing and marketing truck and bus radial tyres. The French group planned to invest about Rs 322 crore over the next four years to build a Greenfield manufacturing unit for passenger car radial tyres in India, the production of which was expected to begin in September, 2005. R
The new JV firm was expected to start marketing imported tyres from April, 2004 with the dual-brand of "Michelin" and "Apollo".
Bureau Report