The Board of Directors of Apollo Tyres on Wednesday has approved an issuance of compulsorily convertible preference shares in the company worth ₹1,080 crore (around $150 million) to an affiliate of Warburg Pincus.
Warburg Pincus is a leading global private equity firm focused on growth investing, Apollo Tyres said in a statement. The investment represents a primary capital infusion into the company and is subject to shareholder and regulatory approvals, it said.
“Their (Warburg Pincus) investment is a strong vote of confidence in our business, management team and growth prospects. I believe the company will benefit from the backing of a large financial investor of their pedigree and our partnership will further strengthen Apollo Tyres’ board and governance,” Onkar S Kanwar, Chairman and Managing Director, Apollo Tyres said
“We see a compelling growth story in Apollo Tyres and believe the company is well-positioned to build upon the strong leadership position it has carved out within the industry,” Vishal Mahadevia, Managing Director and Head, Warburg Pincus India, said.