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New Delhi, March 19 Apollo Tyres’ Board has approved the company’s proposal to buy a minimum of 67 lakh shares at a maximum price of Rs 25 a share. The maximum amount which the company is permitted to buy is up to Rs 122 crore. This means that the company can buy 4.88 crore shares from the open market.

Currently, the promoters stake is 39.35 per cent. But if the promoters buy shares to the maximum limit, then their stake could increase to 43.56 per cent.

A company statement quoted Mr Onkar S. Kanwar, Chairman and Managing Director, Apollo Tyres as, “This is an opportunity for us to enhance value for our shareholders. In the present context, we feel that the prevailing shares quotes are under priced and do not reflect the true value of the company, both for the short and the long-term.”

The company said that it had submitted the buyback proposal to the SEBI and was awaiting its final approval.

More Stories on : Stocks | Buyback | Tyres

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