Apollo Tyres' shares rose 5% after a block trade comprising 2.25 crore shares, representing a 3.5 percent holding in the firm, was executed on May 22.

Even while Moneycontrol could not immediately identify the parties involved in the deal, CNBC Awaaz reported on May 22 that Warburg Pincus' affiliate, White Iris Investment, was looking to sell a 3.5 percent interest in Apollo Tyres. The Warburg Pincus unit hoped to raise Rs 1,040 crore through the equity sale.

At 09.21 a.m., Apollo Tyres shares were trading at Rs 502.80 on the NSE.

The block purchase was expected to take place at a 4% discount to Apollo Tyres' previous closing price, with a floor price of roughly Rs 460-465 per share, according to the newspaper.

This is not the first time the Warburg Pincus affiliate has reduced its interest in Apollo Tyres. In December of last year, White Iris Investment sold a 4.5 percent share in Apollo Tyres in three block sales for Rs 1,281 crore.

According to the tyre company's most recent shareholding statistics, White Iris Investment had a 3.54 percent ownership.

Apollo Tyres reported a 14 percent reduction in its overall net profit for the March 2024 quarter, dropping to Rs 354 crore due to increasing costs. This compares to a net profit of Rs 410 crore in the same time previous year.

The revenue from operations remained almost steady at Rs 6,258 crore, compared to Rs 6,247 crore in the fourth quarter of the previous year.