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Apollo Tyres has allotted 5,40,00,000 6.34% compulsorily convertible preference shares (CCPS) having face value of Rs. 100/-each (Tranche 1 CCPS), at par, for cash, for an aggregate amount of Rs. 540 crore by way of preferential allotment on a private placement basis to Emerald Sage Investment, an affiliate of Warburg Pincus LLC.
Given the comfortable liquidity position of the Company, the Board has allotted the Tranche 1 CCPS on 22 April 2020, with the balance 5,40,00,000 CCPS (Tranche 2 CCPS) amounting to Rs. 540 crore now agreed to be allotted on or before 07 October 2020 in accordance with the terms of an amendment agreement executed on 21 April 2020.
With today's allotment, the cumulative fully diluted ownership of affiliates of private equity funds managed by Warburg Pincus LLC on a converted basis, including the Allottee, as on date is approximately 13.7%. Post the allotment of Tranche 2 CCPS, this would increase to approximately 18%.
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