Greaves Electric Mobility Files for IPO

24 Dec 2024 , 10:54 AM

In order to acquire money through an IPO, Greaves Electric Mobility Ltd. has submitted draft documents to the Securities and Exchange Board of India (SEBI). The IPO consists of an Offer for Sale (OFS) of up to 18.94 crore shares by current promoters and shareholders, as well as a new issue of Rs 1,000 crore.

Abdul Latif Jameel Green Mobility Solutions DMCC will sell about 13.84 crore shares as part of the OFS, while Greaves Cotton will sell 5.1 crore shares. At the moment, Abdul Latif Jameel Green Mobility Solutions DMCC owns 36.44 percent of the company, while Greaves Cotton Ltd. owns 62.48 percent.

The company’s Technology Centre in Bengaluru will be upgraded, in-house battery assembly capabilities will be developed, and product and technology development will be funded with the proceeds from the new issuance.

The money will also help Bestway Agencies Private Ltd. and MLR Auto increase their manufacturing capacity, as well as increase the company’s ownership of MLR Auto through acquisitions. The implementation of IT infrastructure and digitisation, financing inorganic expansion through acquisitions, and general business objectives are further areas of emphasis.

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