JK Tyre raises Rs 500 crore via Qualified Institutional Placement

JK Tyre & Industries Limited has raised Rs 500 crore by way of a Qualified Institutional Placement (QIP). 

The QIP funds will be used for growth capex and strengthening the balance sheet. 

The Qualified Institutional Placement was priced at Rs 345 per share, (including a premium of Rs 343 per share, with a face value of Rs 343 per share with a face value of Rs 2 per share. 

Dr. Raghupati Singhania, Chairman and Managing Director, JK Tyre said; “We are pleased to have completed QIP of Rs 500 crore. This is an important milestone in our corporate journey. Participation of several reputed investors in the issue endorses their faith and confidence in the Company’s growth story.

Emkay Global Financial Services Ltd managed the issue as sole Lead Manager.