Greaves Electric Files DRHP for IPO to Raise INR 1,000 Crore
The company plans to raise INR 1,000 crore (INR 10 billion) through a fresh issue of shares, while its promoter and investor eye to sell up to 189.4 million shares.
December 24, 2024. By Aishwarya
The company plans to raise INR 1,000 crore (INR 10 billion) through a fresh issue of shares, while its promoter and investor eye to sell up to 189.4 million shares.
Greaves Electric is the electric mobility arm of Greaves Cotton Ltd. It manufactures and sells two-wheelers under the Ampere brand, and three-wheelers under Ele and other brands. The company competes with major players such as Ola Electric, Ather Energy, TVS Motor, Bajaj Auto and Hero MotoCorp.
According to the DRHP filed with the market regulator SEBI, the company will issue equity shares of INR 1 face value and list them on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
The offer of sales component includes up to 51 million shares by Greaves Cotton Ltd (parent company) and up to 138.4 million shares by investor Abdul Latif Jameel Green Mobility Solutions DMCC.
Currently, Greaves Cotton holds a 62.5 percent stake in Greaves Electric. Abdul Latif Jameel Green Mobility holds the remaining stake. Greaves Electric intends to use the net proceeds of the fresh issue for product research and development, build in-house battery assembly capabilities, and boost manufacturing capacity.
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