APL Apollo Tubes allots 10 lakh equity shares to promoter entity

NEW DELHI: APL Apollo Tubes today said it has allotted 10 lakh equity shares to promoter group entity APL Infrastructure on conversion of warrants worth Rs 17.6 crore.

The allotment of shares was made by the board of directors of the company in a meeting held today, APL Apollo Tubes said in a filing to the BSE.

"The board of directors of the company ... has allotted 10 lakh fully paid-up equity shares of Rs 10 each of the company to APL Infrastructure Pvt Ltd, a promoter group entity," it said.

APL Apollo had allotted 16.4 lakh warrants at a price of Rs 176 each to the promoter group firm. Out of the total, 10 lakh have been converted into equity shares.

Shares of APL Apollo closed at Rs 197.60, up 4.33 per cent over the previous close on the BSE.