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Apollo Tyres has informed the exchanges that at the meeting of its board of directors held on Wednesday, it was decided to increase and alter the authorised share capital of the company from ₹75 crore divided into 73 crore equity shares of ₹1 each and two lakh cumulative redeemable preference shares of ₹100 each, to ₹1,575 crore divided into 75 crore equity shares of ₹1 each and 15 crore preference shares of ₹100 each. It was also decided to convene an Extraordinary General Meeting to obtain shareholders’ approval (through a special resolution) for the preferential allotment. The meeting also decided to pay interim dividend of ₹3 per equity share of face value ₹1 each for financial year 2019-20. Shares of Apollo Tyres closed at ₹148.85, down 3.59 per cent from its previous close on the BSE.
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