PTI
Updated On Dec 20, 2023 at 08:03 AM IST
White Iris Investment on Tuesday pared 4.5 % stake in tyre manufacturing company Apollo Tyres for INR 1,281 crore through open market transactions. White Iris Investment, a public shareholder in Apollo Tyres, offloaded more than 2.85 crore shares of the company in 22 tranches.
Edelweiss Mutual Fund (MF), UTI MF, ICICI Prudential MF, Nippon India MF, Invesco MF, Societe Generale, Goldman Sachs Investments (Mauritius) I Ltd, Morgan Stanley Asia Singapore, and Plutus Wealth Management LLP, among others were the buyers of the shares.
According to the block deal data available with the BSE, White Iris Investment sold a total of 2,85,79,542 shares, representing a 4.49 % stake in Apollo Tyres.
The shares were disposed of at an average price of INR 448.35 apiece, taking the combined deal deal size to INR 1,281.36 crore.
After the latest transaction, White Iris Investment’s shareholding has declined to 3.55 % from 8.04 % stake in Apollo Tyres.
On Tuesday, shares of Apollo Tyres gained 0.55 % to close at INR 455.35 apiece on the BSE.
In November, Apollo Tyres reported over two-and-a-half-fold rise in consolidated net profit to INR 474.26 crore in the September quarter, riding on higher revenue and lower raw material costs.
Apollo Tyres sells its products in 170 countries across the globe, with India and Europe being the two major markets.
