India Apollo says Michelin allotment 235 rupees/shr

Newswire

NEW DELHI, Nov 17 (Reuters) - India's Apollo Tyres Ltd said on Monday its board had approved the sale of a 14.9 percent stake to Europe's largest tyremaker, Michelin, at about 235 rupees for each share, worth about $28 million. Sunam Sarkar, chief of strategy and business operations, told Reuters the allotment price would be between 235 rupees and 236 rupees a share, based on a formula by SEBI (Securities and Exchange Board of India. The allotment is at a discount to Apollo's market ...

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