Gurugram-based Apollo Tyres has made it to the headlines, as the company's shares have continued to trade in green.
Stakes Worth Rs 1,040 crore Sold
On Tuesday, May 21, the share prices of Apollo Tyres ended the day's trade with over 5 per cent increase in its share price value. This new development in stock market is being attributed to the news of New York-based private equity investor, Warburg Pincus selling 3.5 per cent of its stake in the tyre company.
This share reportedly amounts to Rs 1,040 crore. As of Wednesday, May 22, the share price dropped slightly. Nevertheless, the prices of the shares continued to trade in green, as the share prices gained 2.52 per cent, taking the value of each individual share to Rs 494.75.
Warburg Pincus is an important player in the region, as it has investments in companies across territories in the United States, Europe, Brazil, China, Southeast Asia. It notably also has investments in some other renowned Indian companies, including audio equipment manufacturer Boat and Indian tech and mobility company Ola.
Nevertheless, the prices of the shares continued to trade in green, as the share prices gained 2.52 per cent, taking the value of each individual share to Rs 494.75. | Representative Image/pexels
Warburg Offloads IDFC Stakes
It is to be noted that this is not the first time Warburg Pincus's India arm has made it to the news for offloading its shares in indian entities. In fact, it was just two months ago, that the investor sold its whole 2.25 per cent stake in a private bank. That deal was worth Rs 1,195 crore.
The Indian indices were trading red in the early hours of the day' trade on May 22. The BSE Sensex lost 64.43 points or 0.09 per cent, to reach 73,888.88. NSE Nifty was trading at 22,507.80, having lost 21.25 points or 0.09 per cent. Meanwhile, Nifty Bank was trading at 47,829.25, losing 218.95 points or 0.46 per cent. The markets have been witnessing a lull, since the beginning of the week, after the fifth phase of the Indian election, that saw Mumbai come to vote, in low numbers.
