Ceat raises Rs 400 crore through QIP

Ceat, one of India’s leading tyre manufacturing companies, has raised Rs 400 crore through a qualified institution placement (QIP). The funds will be used for capacity expansion. The company will issue 44,94,382 equity shares at a price of Rs 890 per equity share. Earlier, the company’s Board of Directors had approved an investment of Rs. 420 crore for setting up a plant for manufacture of 2-3 wheeler tyres with a capacity of 120 metric tonnes per day. Ceat is among the best tyre manufacturers in India. It manufactures a wide range of tyres for two-wheelers, three-wheelers, four-wheelers, tractors and tippers and trucks. Besides tyres, the company also manufactures and markets tubes and flaps.