update

Apollo Tyres' plan to raise Rs 1,725 crore gets shareholders' nod 

     Apollo Tyres' plans to raise about Rs 1,725 crore through issue of securities was today approved by the shareholders of the company.

     In a BSE filing, the company said, in AGM held on Thursday, its shareholders have approved raising of funds up to $ 200 million (approx Rs 1,225 crore) through issue of securities and up to Rs 500 crore through placement of non-convertible debentures.

     Shareholders have also approved raising of Foreign Institutional Investors ( FII) limit in the company to 45 per cent from 40 per cent earlier.

     Meanwhile, on Wednesday Apollo TyresBSE -1.92 % said it will invest euro 500 million (about 4,100 crore) on its proposed greenfield facility in Eastern Europe.