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Apollo board approves buyback proposal

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Indian tiremaker Apollo Tyres Ltd.'s board of directors has approved the company's request to buy back equity shares.

The buyback will be for a minimum of 67 million shares and will be executed "through the open market," say Apollo officials.

The process will begin when all regulatory approvals have been obtained. It will be completed within 12 months.

"This is an opportunity for us to enhance value for our shareholders," says Apollo Chairman Onkar Kanwar. "In the present day context, we feel that prevailing share quotes are underpriced and do not reflect the true value of the company."

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