JK Tyre gains 3% as board approves issue of equity shares on preferential basis

The company's board approved the issue of equity at Rs2/share to the promoter group on preferential basis up to ~Rs200cr.

Feb 15, 2019 09:02 IST India Infoline News Service

Shares of JK Tyre were trading 3% higher on Friday after the company ’s board approved the issue of equity shares at Rs2 each to the promoter group on preferential basis.

"Approval has been granted at such price as may be determined in accordance with SEBI Regulations, up to an amount aggregating to Rs200cr subject to such approvals as may be required," the company said in a press note after market hours to the exchanges.

"The approval of the members in this connection will be obtained, the
notice of which along with other relevant details will also be submitted to
the Exchanges separately in due course of time," the company added.

JK Tyre & Industries Ltd's share price is currently at Rs90.75, up by Rs2.75 or 3.13%, from its previous close of Rs88 on the BSE.
The scrip opened at Rs91 and has touched a high and low of Rs93 and Rs89.45, respectively. So far 7,25,905 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs1,995.96cr.

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