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India's Apollo Tyres launches share sale to raise up to $229 million

Reuters

MUMBAI (Reuters) - India's Apollo Tyres Ltd has launched a share sale to institutions to raise up to 15 billion rupees ($229 million), according to a filing on Tuesday.

The company is selling shares at 238 rupees apiece, a 2.5 percent discount to the closing share market price on Tuesday of 244.15 rupees, according to a separate deal termsheet seen by Reuters.

The base deal size is 12 billion rupees with an upsize option of 3 billion rupees.

JM Financial, Kotak and UBS are the banks managing the share sale.

($1 = 65.5250 Indian rupees)

(Reporting by Devidutta Tripathy and S. Anuradha; Editing by Greg Mahlich)