The floor price of Rs 358.96 is at a discount of 5.2% to the previous day's closing price of Rs 378.65 on the BSE.

The company may offer a discount of not more than 5% on the floor price so calculated for the issue.

The firm said that its board will meet on Friday, 22 December 2023 to consider and determine the issue price equity shares to be issued pursuant to the QIP.

In its draft placement document filed with the bourses, JK Tyre Industries stated: “Subject to compliance with applicable laws and regulations, our company proposes to allocate the net proceeds towards funding capital expenditure, including towards expansion and development of one or more manufacturing facilities of our company or of its subsidiaries (through investment in such subsidiaries); working capital requirements of the company or its subsidiaries (through investment in such subsidiaries); and general corporate purposes.”

JK Tyre & Industries is currently the market leader in truck bus radial segment. The company provides end-to-end solutions across segments of passenger vehicles, commercial vehicles, farming, off-the-road and two & three-wheelers.

The company reported consolidated net profit of Rs 248.69 crore in Q2 FY24, steeply higher than Rs 49.61 crore posted in Q2 FY23. Revenue from operations rose 3.75% year on year to Rs 3,897.53 crore in Q2 FY24.