India's Apollo to sell 14.9 pct stake to Michelin


NEW DELHI, Nov 17 (Reuters) - India's Apollo Tyres Ltd said on Monday its board had approved sale of a 14.9 percent stake to Europe's largest tyremaker, Michelin, for about $28 million. "As part of a broader agreement between Apollo and Michelin the board of directors also approved Michelin's purchase of 14.9 percent equity share capital by means of a preferential allotment," a company statement said. An Apollo official told Reuters the firm's equity capital would go up to about 370 ...

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