Apollo Tyres Share Price Dips as Warburg Pincus Sells Stake
🔍 Private equity giant Warburg Pincus has sold its entire 3.54% stake in Apollo Tyres for a whopping ₹1,073 crore in the open market. The shares were sold through 14 block deals on the BSE. As of Friday (24 May 2024), the share price was trading at ₹481.30 with a 0.44% decline. A total of 2,24,74,903 shares were offloaded.
Key Points:
- 📉 Warburg Pincus offloads entire stake in Apollo Tyres
- 💰 Shares sold for ₹1,073 crore in 14 block deals on BSE
- 📉 Share price dips by 0.44% to ₹481.30
- 📦 2,24,74,903 shares traded in total
Investor Interest:
📈 The selling price was at a discount to the market rate, with the current share price at ₹490. Domestic mutual funds, an insurance company, and foreign investors are among the buyers. White Iris Investment Limited had a 3.54% stake in Apollo Tyres as of March 2024.
Financial Performance:
💸 Apollo Tyres reported a 14% decline in net profit to ₹354 crore for the quarter ending March 2024, compared to ₹410 crore in the same quarter last year. Revenue for the period stood at ₹6,258 crore, up from ₹6,247 crore in the fourth quarter of 2022-23.
📈 Shareholders were pleased as the company increased its annual dividend by 65% to ₹1,722 crore for the financial year 2023-24. Operating income rose by 3% to ₹25,378 crore during the review period.
📈 The board of directors has recommended a dividend of ₹6 per share (600%) for the financial year 2023-24.
Stay tuned for more updates on Apollo Tyres!
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