APL Apollo Tubes Ltd (APL Apollo), India’s structural steel tube manufacturer, announced a minority equity investment by APL Apollo Mart Limited (Apollo Mart), a wholly owned subsidiary of APL Apollo in Shankara Building Products Ltd (Shankara) through a combination of purchase of secondary promoter shares today and proposed preferential allotment of convertible warrants.
APL Apollo and Shankara have a business association of over 15 years, with Shankara being one of the key distributors of APL Apollo’s products. APL Apollo’s association will ensure consistency in sales through Shankara’s retail and wholesale network and will create synergies for APL Apollo Tubes, the statement said.
Commenting on the investment with Shankara Building Products Ltd, Sanjay Gupta, Chairman, APL Apollo, said “I am pleased to announce that APL Apollo has entered into an agreement with Shankara to invest Rs 1,050 mn through preferential convertible warrants. I am hopeful that this investment will further strengthen our long standing association with Shankara and help both the companies in chalking out enhanced revenue trajectory over coming years.”
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