Apollo Tyres block deal: 3.5% equity changes hands in pre-opening block deal window

Shares of Apollo Tyres will gain traction in  Wednesday’s trade (May 22) as the company saw large trade of 2.25 crore shares, representing 3.5 per cent equity in the company during the pre-market block deal window.

The leading global private equity firm Warburg Pincus’ subsidiary Iris Investment was expected to offload 3.5 per cent stake in the tyre manufacturing company.

The deal size for 2.24 crore shares is estimated at Rs 1,040 crore. Furthermore, the trade is expected to be executed at 4 per cent discount to the last traded price of Apollo Tyres.

In the previous day’s trade, shares of Apollo Tyres closed with a cut of over 2 per cent at Rs 482.15 apiece on the BSE.

As per media reports, the floor price for the block trade is expected to be Rs 460- 465 apiece.

Apollo Tyres Q4 results

In the March-ended quarter of FY24, the company reported lower profit on the back of higher tax expenses. The company’s consolidated profit declined 13.7 per cent on-year to Rs 354 crore in the reporting quarter. Total expenses during the quarter climbed 80 per cent to Rs 209 crore. Revenue from operations rose marginally by 0.17 per cent in comparison to the same period last year to Rs 6,258 crore.

Apollo Tyres share price performance

Shares of the Gurgaon-based auto ancillary firm surged by 31.4 per cent over the last one year, while its 1-month return is at 1.9 per cent.