Warburg Pincus Arm Exits Apollo Tyres; ICICI Prudential, Morgan Stanley Among Buyers
Warburg affiliate White Iris Investment offloaded 2.24 crore shares, or 3.5% equity, for an aggregate amount of Rs 1,072.8 crore.
ICICI Prudential Mutual Fund, Morgan Stanley Asia and Mirae Asset Mutual Fund are among the top buyers of Apollo Tyres Ltd. shares, after an arm of US private equity firm Warburg Pincus divested its entire stake in the tyremaker.
White Iris Investment Ltd., an affiliate of Warburg, offloaded 2.24 crore shares or 3.5% equity for an aggregate amount of Rs 1,072.8 crore, according to block deal data on the BSE.
ICICI Prudential Mutual Fund bought 41.89 lakh shares (0.65%), while Morgan Stanley Asia Singapore Pte mopped up 40.14 lakh shares (0.63%) and Mirae Asset Mutual Fund purchased 31.42 lakh shares (0.49%), among others. The shares were transacted at Rs 477.35 apiece.
Apollo Tyres' profit fell 14% year-on-year in the quarter-ended March to Rs 354 crore, while revenue grew marginally 0.2% to Rs 6,258 crore. It also announced a dividend of Rs 6 per share.
In December last year, the Warburg Pincus affiliate sold 4.5% stake in the company for Rs 1,281 crore through multiple block deals.
Shares of Apollo Tyres closed 1.78% higher at Rs 490.75 apiece on Wednesday, as compared with a 0.36% advance in the BSE Sensex.
