The Reserve Bank of India today notified that M/s. Apollo Tyres Ltd. has agreed for enhancing the limit for the purchase of its equity shares and convertible debentures by Foreign Institutional Investors (FIIs), through primary market and stock exchanges, under the Portfolio Investment Scheme up to 30 per cent of its total paid up capital. The company has passed a resolution at the board of directors' level and by a special resolution by its shareholders to do so.

Foreign Institutional Investors can now purchase under the Portfolio Investment Scheme through primary market and stock exchanges, equity shares of M/s. Apollo Tyres Ltd., provided :

1. The total purchases of all FIIs does not exceed the applicable overall ceiling limits of 30 per cent of total paid-up equity capital and total paid-up value of each series of convertible debentures, of the said company.
   
   
2. The purchases of equity shares by a single FII/SEBI approved sub-account of a registered FII in the company does not exceed 10% (Ten per cent) of the paid-up equity capital of the company.

   Ajit Prasad
   Manager

Press Release : 2009-2010/1746