GURAGAON, India (March 19, 2009)—Apollo Tyres Ltd.'s directors have approved a proposal for the company to buy back at least 67 million equity shares.
The directors OK'd the spending of as much as $24.3 million for the shares. Apollo's stock is underpriced and doesn't represent the true value of the company, according to Onkar S. Kanwar, chairman and managing director.
The firm must wait for regulatory approval from the Securities and Exchange Board of India before making the purchases.