CEAT Gains on Share Sale to Institutional Investors

25 Nov 2014, 10:21 AM IST

Ceat Ltd gained 1.8 per cent on Tuesday.

The company on Monday launched share sale to institutional investors at a floor price of 930.53 rupees per share.

Ceat is looking to raise between $56.7 million to $64.7 million in a price band of Rs 890 to Rs 905, termsheet showed.

The tyremaker intends to use the proceeds for expansion and for augmentation of long-term working capital, the sheet added.