White Iris Investment Ltd, a subsidiary of private equity giant Warburg Pincus LLC, is likely to sell a 3.5% stake in Apollo Tyres Limited (NSEI:APOLLOTYRE) through a block deal on 22 May 2024, according to a term sheet reviewed by Mint. The deal involves offering up to 22.47 million shares, with an estimated value of INR 10,406.0 million (approximately $125 million). The shares will be offered at a price range of INR 463 apiece, representing a 3.97% discount to the closing price on 21 May.

This news comes on the heels of a surge in Apollo Tyres' share price. The stock climbed as high as 5.7% intraday on 22 May 2024, reaching its highest level since 3 May, after a significant volume of shares (around 22.5 million) changed hands on the BSE, according to Bloomberg. A spokesperson of IIFL Securities Ltd, which is managing the sale process, did not respond to emails seeking comments.