Business Standard

JK Tyre successfully raises Rs. 500 cr through QIP for growth initiatives

The funds raised will be utilised for both strengthening the balance sheet and growing capex

Securitisation market gathers steam

Anjali Singh Mumbai

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Leading Indian tyre manufacturer JK Tyre & Industries has successfully secured Rs 500 crore through a Qualified Institutional Placement (QIP) issuance. The QIP, priced at Rs 345 per share, attracted strong interest from marquee investors including Indian mutual funds, insurance companies, and foreign institutional investors.

The funds raised will be utilised for both strengthening the balance sheet and growing capital expenditure.

Commenting on this, Raghupati Singhania, Chairman and Managing Director of JK Tyre, stated, "We are pleased to have successfully completed a 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 Limited acted as the sole Lead Manager for the QIP issuance.

JK Tyre offers a diverse range of products catering to various segments like truck/bus, passenger cars, and multi-utility vehicles. With a global presence spanning over 100 countries, the company operates in 12 globally-benchmarked manufacturing facilities – nine in India and three in Mexico – collectively boasting an annual manufacturing capacity of around 34 million tyres.

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First Published: Jan 01 2024 | 6:11 PM IST

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