JK Tyre & Industries Limited (JKTL), a prominent tyre manufacturer in India, has successfully completed its fund-raising endeavour of INR 500 crore through a Qualified Institutional Placement (QIP). The QIP, priced at INR 345 per share (inclusive of a INR 343 per share premium with a face value of INR 2 per share), garnered a encouraging response from the investors, including Indian mutual funds, insurance companies, and foreign institutional investors.
Dr Raghupati Singhania, Chairman, and Managing Director of JK Tyre, said, “The successful completion of the INR 500 crore QIP marks a significant milestone in our corporate journey. The participation of reputable investors affirms their faith in the company's growth trajectory.'
JKTL, the flagship company of the JK Group, is a premier tyre maker in the country, offering a diverse range of products catering to various business segments. From truck/bus and light commercial vehicles (LCV) to passenger cars, multi-utility vehicles (MUV), and tractors, the company employs a multi-tier product approach. As of fiscal 2023, JK Tyre has emerged as one of the largest manufacturers of passenger car tyres in India.
With a substantial global presence, JK Tyre operates in approximately 100 countries through a network of over 230 global distributors. The company boasts 12 globally-benchmarked 'sustainable' manufacturing facilities, nine in India and three in Mexico, with a collective annual manufacturing capacity of around 34 million tyres.
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