CCI Approves Acquisition Of 9.93 % Stake By Emerald Sage In Apollo Tyres

The proposed transaction relates to subscription of 10,80,00,000 compulsorily convertible preference shares of Rs 100 each of Apollo each of Apollo Tyres by Emerald

The Competition Commission has approved acquisition of 9.93 per cent stake in Apollo Tyres by Emerald Sage Investment. As per the combination notice filled with CCI, the proposed transaction relates to subscription of 10,80,00,000 compulsorily convertible preference shares of Rs 100 each of Apollo each of Apollo Tyres by Emerald.

The shares will be issued "in accordance with the terms of the Investment Agreement ... executed between Emerald, Apollo, and certain promoters of Apollo, constituting approximately 9.93% of the post-issue paid up share capital of Apollo, on an as-converted basis, for an aggregate consideration of INR 1,080 crore," it noted.

The Competition Commission of India (CCI), in a tweet, said it "approves proposed acquisition of 9.93 per cent stake by Emerald Sage Investment Limited in Apollo Tyres Limited."

Emerald is a Mauritius-based investment holding company, while Apollo Tyres is engaged in manufacturing and sale of automotive. The product portfolio of the Apollo group consists of tires of passenger cars, sports utility vehicles, multi-utility vehicles, light trucks, etc., and retreading material.