White Iris Investment sells off a Rs 1,281 crore, or 4.5%, investment in Apollo Tyres

20 Dec 2023 , 02:16 PM

Through open market transactions, White Iris Investment sol a 4.5% stake in Apollo Tyres, a tyre manufacturing company, for Rs 1,281 crore on Tuesday. Apollo Tyres’ public stakeholder White Iris Investment sold more than 2.85 crore shares of the business in 22 installments.

The buyers of the shares included, among others, Edelweiss Mutual Fund (MF), UTI MF, ICICI Prudential MF, Nippon India MF, Invesco MF, Societe Generale, Goldman Sachs Investments (Mauritius) I Ltd, Morgan Stanley Asia Singapore, and Plutus Wealth Management LLP. White Iris Investment sold a total of 2,85,79,542 shares, or 4.49% of Apollo Tyres, according to block deal data that is available with the BSE.

White Iris Investment’s position in Apollo Tyres has decreased to 3.55% from 8.04 percent following the most recent transaction. Apollo Tyres’ stock increased by 0.55% on Tuesday, closing at Rs 455.35 a share on the BSE. Due to increased revenue and decreased raw material costs, Apollo Tyres recorded a more than two-and-a-half-fold increase in consolidated net profit to Rs 474.26 crore in the September quarter in November. Apollo Tyres is a global supplier of tyres, with sales in 170 countries, the two largest being Europe and India.

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