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Apollo Tyres has informed the exchanges that Apollo Tyres Africa Proprietary Ltd, a wholly owned step-up subsidiary in South Africa, has voluntarily initiated business rescue proceedings. It has appointed a specialist to re-structure its operations and to secure best value for all stakeholders. The evaluation by such specialist will decide the future course of action for the company in South Africa, the statement said. Shares of Apollo Tyres crashed 6.8 per cent at ₹195.7.
Soma Textiles & Industries has informed the exchanges that considering the sluggish demand for denim and non-denim fabrics, coupled with liquidity crunch, the company has planned to curtail the weaving and processing of denim and non-denim fabrics from September 15. Shares of Soma Textiles edged down 2.15 per cent at ₹4.15 on the NSE.
The board of directors of Usha Martin on Tuesday resolved to raise funds by way of a rights issue of equity shares of face value ₹1 each, aggregating to ₹200 crore. The terms and conditions of the rights issue including entitlement ratio, issue price, size, record date, timing and other related matters will be decided by the board of directors or a duly empowered committee. Shares of Usha Martin closed at ₹35.45, a fall of 5.72 per cent on the NSE.
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