JK Tyre & Industries Ltd (JK Tyre) on Wednesday said it has raised ₹200 crore through issue of equity shares on a preferential basis to the promoter group.
The shareholders had approved at an extraordinary general meeting held on March 22, for the allotment of 1,94,17,400 equity shares of ₹2 each at a premium of ₹101 to the promoter Group, the company said in a statement.
“The preferential issue of equity has been made to part finance its ongoing expansion of the truck and bus radial (TBR) tyres capacity. This will no doubt improve the net worth of the company,” Raghupati Singhania, Chairman and Managing Director, JK Tyre, said.
JK Tyre continues to make strides in the TBR market where it is undisputed market leader. TBR capacity is being expanded to further strengthen its leadership in this growing segment, the company added.