JK Tyre Plans to Raise up to Rs 1,000 cr via Securities

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JK Tyre & Industries said that its board has given approval to raise up to Rs 1,000 crore by issuing securities. "The board approved raising of funds by issue of securities, convertible/non-convertible with or without warrant...By way of public and or private offerings...For an amount of up to Rs 1,000 crore in one of more tranches," JK Tyre & Industries said in a regulatory filing. 

This is in suppression of the resolutions of the board for raising of funds by issue of non-convertible debentures as announced on November 9, it added. 

The approval of the members to raise the funds will be obtained by a way of postal ballot, the tyremaker said. Meanwhile, shares of the company were trading at Rs 113.10 apiece, up 1.21 per cent from the previous close.

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