MUMBAI, Nov 23: Dunlop India Ltd today announced the appointment of P J Rao as its new managing director. The Manu Chhabria owned tyremaker said its board had cleared Rao's appointment at a meeting here on Saturday.

Rao has been looking after day-to-day affairs at Dunlop for the last several months as a member of the interim committee of directors. A Dunlop release said the board also cleared the 1:1 rights issue at a premium of Rs 25 per share, to raise Rs 66.5 crore. The company said the rights issue, along with the $ 25 million ECB cleared recently by the finance ministry, "will go a long way".

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