Shares in Ceat ended up 1.04 per cent on reports that the automotive tyre manufacturer is planning to raise about ₹250-300 crore from private equity players and has mandated Kotak Investment Banking as advisors.
The company intends to use the proceeds for expanding its off-roading products portfolio, sources close to the development told BusinessLine.
The sources, who declined to be identified before a formal announcement, did not divulge the names of the PE firms the company was in talks with. They also did not reveal the stake the tyre manufacturer would be offloading in return for the funding.
Shares in Ceat closed up 1.04 per cent at Rs 834 on a strong BSE.