Apollo Tyres shares gain over 5% after 2.5 crore shares change hands in ₹1,200-crore block deal

Apollo Tyres shares gained over 5% on Wednesday, May 22, after more than 2.5 crore equity shares worth around ₹1,200 crore were traded in block deals.

According to market reports, around 3.5% of the equity stake of the company changed hands in block deals in morning trade.

The shares were traded at a floor price of ₹460-465 per share, taking the size of the deal to around ₹1,162 crore at the cap price, reports suggested. At Tuesday’s closing price of ₹482.6 apiece on the NSE, the block deals were worth around ₹1,200 crore.

Buyers and sellers of shares could not be ascertained immediately. Bourses will update the information about buyers and sellers and average price later in the evening.

The BSE data showed that more than 2.27 crore shares of Apollo Tyres were traded on the bourse against the two-week average trade volume of 1.53 lakh. The stock hit a high of ₹510 on BSE.

On the NSE, the stock rallied as much as 5.6% to hit a high of ₹510 per share. Apollo shares later pared some of the gains to trade 1.63% higher at ₹490 apiece at 1:15 pm.

Promoter group entities hold around 37.36% of equity stake in Apollo Tyres while public investors hold the rest 62.64% shareholding.

PE major Warburg Pincus holds around 13% stake in the company through its subsidiaries.

Apollo Tyres acquires 5% stake in Green Infra Wind Energy

Apollo Tyres last week announced acquiring a 5.09% shareholding of Green Infra Wind Energy Generation Ltd in a deal worth ₹10 crore.

Green Infra Wind Energy Generation Limited (GIWEGL) is operating Group Captive Power Plant Projects aggregating up to 23 MW in Tamil Nadu.

The purpose of the acquisition of a minority stake is the procurement of renewable power.

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