Apollo Tyres block deal: 3.6% equity changes hands, stock hits 52-week high
Apollo Tyres share price NSE, Apollo Tyres block deal: Shares of Apollo Tyres on Tuesday, December 19, emerged as the top Nifty 50 gainer and rose as much as seven per cent to clock a fresh 52-week high of Rs 485 apiece on the NSE.
Apollo Tyres share price NSE, Apollo Tyres block deal: Shares of Apollo Tyres on Tuesday, December 19, rose as much as seven per cent to clock a fresh 52-week high of Rs 485 apiece on the NSE, surpassing an earlier peak of Rs 465 touched last week. The stock rallied after a block deal in the counter in the pre-opening session. As per Zee Business report, White Iris Investment was expected to dilute a 3 per cent stake in the Tyre stock via an upsize option in a deal valued at around Rs 832 crore. The floor price for the deal, as per the report, was pegged at Rs 440 apiece, which is a discount of 2 per cent to the last closing price. Apollo Tyres shares finished 0.65 per cent or Rs 2.95 at Rs 456 on NSE.
Here's how the counter moved on Tuesday, December 19:
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