Apollo Tyres said that the committee of directors allotted 5 million equity shares of Re 1 each, to Classic Auto Tubes (a promoter group entity) at Rs 86.20 an equity share.

This is against receipt of the full payment on exercise of option of conversion of 5 millon warrants into equity shares in accordance with the terms and conditions of issue of warrants.

The above shares shall rank pari passu with the existing equity shares and shall be entitled to dividends and corporate benefits, if any paid/declared by the company after the allotment, the company said.

Shares of the company declined Rs 3.15, or 1.60%, to settle at Rs 193.15 at the BSE (Thursday).