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Apollo Tyres plans to spend Rs 1,200 crore to increase the truck and bus radial tyre capacity at the Chennai plant from 8,900 tyres a day to 12,000 tyres a day.
The company informed the stock exchanges that its board of directors, at a meeting today, approved raising Rs 2,000 crore in debt to meet the capital expenditure requirements and proposed expansions at Chennai and Kalamassery (Kerala) plants.
The company will seeks its shareholders' nod to raise Rs 1,000 crore through private placement of unsecured/secured non-convertible debentures.
At 2.20 p.m. the company's shares were down over 10 per cent on the BSE at Rs 187.70. The Sensex was down 190 points or 0.67 per cent, at 27,912.28.
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