Ceat to raise up to $83M

Mumbai-based tyre manufacturer Ceat Limited is looking to raise as much as Rs 500 crore ($83 million) through issue of fresh securities as per a stock market disclosure.

The company’s board has approved a plan to raise money through one or more tranches via further issue of securities including equity shares or foreign currency convertible bonds or ADR or GDR or fully or partly convertible debentures, 

non-convertible debentures, preference shares convertible into equity shares or any other equity linked securities.

It did not say the purpose of the proposed fundraise.

Ceat, the flagship company of Harsh Goenka-led RPG Enterprises, was established in 1958.

For the first quarter ended June 30, 2014, the company’s revenue rose 10 per cent to Rs 1,453 crore while PAT stood at Rs 52 crore.

Recently another tyre maker Apollo Tyres got shareholders’ nod to raise around $200 million.

(Edited by Joby Puthuparampil Johnson)

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