Warburg Affiliate Pares Stake In Apollo Tyres For Rs 1,281 Crore

Warburg Pincus Plc sold 4.49% stake in Apollo Tyres Ltd. for over Rs 1,281 crore, via open market transactions on Tuesday.

White Iris Investment Ltd., an affiliate of Warburg, offloaded 2.85 crore shares, while Nippon India Mutual Fund bought 1.20 crore shares (1.89%) for an aggregate amount of Rs 540 crore.

The shares were bought and sold at Rs 448.35 apiece, according to bulk deal data from the BSE.

ICICI Prudential Mutual Fund bought 30 lakh shares (0.47%), while Societe Generale purchased 23.07 lakh shares (0.33%), and Morgan Stanley Asia Singapore PTE mopped up 16.40 lakh shares (0.24%), among others, at Rs 448.35 apiece.

As of September, White Iris Investment held 8.04% stake in the tyre manufacturer.

Shares of Apollo Tyres rose as much as 7.05% on Tuesday on reports of stake sale in the company. The shares closed 0.65% higher at Rs 455.35 apiece, as compared with a 0.16% advance in the Nifty 50.