New Delhi: Apollo Tyres said private equity firm Warburg Pincus will invest Rs 1,080 crore (around $150 million) in the company.
The company's board has approved an issuance of compulsorily convertible preference shares in the company worth Rs 1,080 crore to an affiliate of Warburg Pincus, Apollo Tyres Ltd said.
The investment represents a primary capital infusion into the company and is subject to shareholder and regulatory approvals, it added.
"Their (Warburg Pincus) investment is a strong vote of confidence in our business, management team and growth prospects. I believe the company will benefit from the backing of a large financial investor of their pedigree and our partnership will further strengthen Apollo Tyres' board and governance," Apollo Tyres Chairman and MD Onkar S Kanwar said.
Shares of Apollo Tyres closed 3.59% lower at Rs 148.85 apiece on the BSE.
