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The board of directors of Apollo Tyres Ltd today approved raising of up to $150 million (approximately Rs 800 crore) through Qualified Institutional Placement to Qualified Institutional Buyers (QIBs).
The board also decided to increase the investment limit for FIIs from 30 per cent to 40 per cent of the company’s paid up capital.
As per the BSE data, as at the end of June 2012, the FII shareholding in the company is 22.55 per cent of the share capital.
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