In Paris trading today, shares of Michelin SCA tumbled, post French tire manufacturer making an announcement that it would sell of the shares, in order to offer financial support to its growth and development.

Michelin said that it will offer special subscription rights to present shareholders for a sum amount of no less than 1.2 billion Euros ($1.6 billion).

It has been planned by the firm to make use of the income from capital increase to fund better growth.

Also, the move has been made to perk up the firm's credit rating and its access to get easy finances, as said by Michelin in a statement.

Each and every investor will get one special subscription right for each share holding at the closing of trade on 29th September.

Michelin said that the new subscription price set is at 45 Euros for each new share.

The shareholder did not find the deal very attractive and therefore, the firm's stocks plunged 9.5% to 59.06 Euros for each share in France on Euronext.

Up to now, the shares of the firm have hiked by 10%.