Kanwar’s ATL stake down by 6.54 per cent

The shareholding of Apollo Tyres Limited (ATL) promoter Onkar S. Kanwar will come down by 6.54 per cent to 37.

33 per cent after preferential allotment of 14.90 per cent of the company’s existing shares to French tyre manufacturer Michelin Group. After the proposed allotment of shares to Michelin, the stake of promoters and business associates in the company would come down to 37.

33 per cent from existing 43.87 per cent, an ATL official said. ATL had announced in November to allot 14.