Apollo Tyres to allot 1.24 Crore shares

Apollo Tyres Ltd has announced that the Shareholders'/ Investors' Transfer / Grievance Committee of the Company at its meeting held on February 08, 2008 has approved the allotment of 1,24,20,000 (one crore twenty four lacs twenty thousand) equity shares of Re 1/- each to Promoters Group Companies, on receipt of their request for conversion of warrants into equity shares.

The Company had allotted warrants to the Promoters on October 19, 2006 which were convertible into Equity Shares within 18 months of allotment i.e. by April 18, 2008. The Company had already received in principle approval from the Stock Exchange for allotment of warrants in October, 2006.

Source : Equity Bulls

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