JK Tyre successfully raised Rs 50 cr through QIP

Mumbai, Jan 01: JK Tyre & Industries Limited, one of the leading tyre manufacturers in India has successfully concluded its fund-raising plans of Rs.500 crore by way of Qualified Institutional Placement (QIP).

QIP was priced at Rs.345 per share (including a premium of Rs.343 per share with face value of Rs.2 per share)

QIP received overwhelming response from marquee investors including Indian mutual funds, insurance companies and foreign institutional investors.

Dr Raghupati Singhania, Chairman and Managing Director, JK Tyre said; “We are pleased to have successfully completed QIP of Rs.500 crore. This is an important milestone in our corporate journey. Participation of several reputed investors in the issue endorses their faith and confidence in the Company’s growth story.

QIP funds will be used for the purpose of growth capex and strengthening of the balance sheet”.

Emkay Global Financial Services Ltd managed the issue as sole Lead Manager.