JK Tyre & lndustries Ltd. has opened its qualified institutional placement to raise up to Rs 500 crore on Tuesday.
The board has set the floor price at Rs 358.96 apiece, indicating a discount of 5.2% to the stock's previous close of Rs 378.70 on the NSE.
The fundraising is part of efforts to expand capacity.
The company had in November approved the expansion of the tyre manufacturing capacity for an investment of Rs 1,025 crore. As the Indian auto industry is witnessing growth, which is expected to continue for some time, it is an opportunity to increase the company's market presence further in the automotive tyre market, it said.
The approved project had been proposed to be funded by way of equity or internal accrual and debt.
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