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The ₹1,500-crore qualified institutional placement issue of Apollo Tyres opened for subscription on Tuesday. The company has fixed the floor price at ₹250.44 a share. The company may, at its discretion, offer a discount of 5 per cent on the floor price, Apollo Tyres said in a notice to the stock exchanges. The board of directors will meet on October 6 (Friday) to decide on the final issue price. The company needs the funds to meet its growing business needs, it had earlier said.
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