JK Tyre to raise Rs.240-Cr from IFC

Publicly listed JK Tyre is raising INR 240 crore from International Finance Corporation (IFC). The company would issue 24,000 compulsorily convertible debentures to IFC by way of a preferential issue on a private placement basis, which shall be convertible into equity shares at INR 180.50 each. Last year, the company had announced two major expansion programmes with an outlay of INR 1,100 crore. The first part of the debottlenecking project is complete for the firm's Chennai PCR plant as well as the Banmore PCR plant in Madhya Pradesh. The company clocked a consolidated Q3 net profit of INR 69.5 crore, up from INR 54 crore in the year-ago period and INR 49 crore in Q2FY23.