Greaves Electric Mobility Moves Forward with IPO Plans to Boost Growth

1 Dec 2024 , 06:49 PM

Greaves Cotton Limited’s board of directors has sanctioned an initial public offering for its subsidiary, Greaves Electric Mobility Limited (GEML).
Fresh issue of equity shares along with the offer for sale by the existing shareholders will be a part of the IPO. Sanctions of the IPO are still pending with GEML’s shareholders and regulatory authorities.

New issue of shares will help raise funds for GEML while existing shareholders will sell some portion of their equity. Post the final consultation with lead managers, details like IPO size and pricing will be out. This IPO will go forward following market conditions, government and regulatory guidelines, among others.

In September, the firm, GEML has obtained its eligibility certificate under Union Government’s Electric Mobility Promotion Scheme, or EMPS 2024
Through subsidiary, GEML also offers eligible incentives to its three wheeler business. The EMPS, launched in April, was extended until September 30, supporting businesses in promoting electric mobility. The IPO supports the growth strategy of GEML by capitalizing on incentives and market opportunities to enhance its electric mobility portfolio.