JK Tyre raises Rs 500 crore via QIP

CHENNAI: Leading tyre manufacturer JK Tyre & Industries has successfully concluded its fund-raising plans of Rs 500 crore by way of qualified institutional placement (QIP).

The QIP was priced at Rs 345 per share (including a premium of Rs 343 per share with face value of Rs 2 per share). The QIP received overwhelming response from marquee investors, including Indian mutual funds, insurance companies and foreign institutional investors.

Dr Raghupati Singhania, CMD, JK Tyre, said, “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. The QIP funds will be used for the purpose of growth capex and strengthening of the balance sheet.”

Emkay Global Financial Services Ltd managed the issue as a sole lead manager.