Greaves Electric Mobility's IPO Gears Up for Launch
Greaves Electric Mobility Ltd has obtained Sebi's approval for its IPO, comprising a fresh issue worth Rs 1,000 crore and an Offer for Sale totaling 18.9 crore shares. The funds will support several strategic initiatives, including technology development, manufacturing expansion, and acquisitions.
- Country:
- India
Electric vehicle manufacturer Greaves Electric Mobility Ltd has secured approval from the Securities and Exchange Board of India (Sebi) to proceed with its initial public offering (IPO), according to a recent update from the markets regulator.
The IPO will include a fresh issue of equity shares valued at Rs 1,000 crore alongside an Offer for Sale (OFS) of 18.9 crore shares from existing shareholders. Promoter Greaves Cotton will sell 5.1 crore equity shares, while investor Abdul Latif Jameel Green Mobility Solutions DMCC will sell 13.8 crore shares through the OFS.
Proceeds from the fresh issue are earmarked for strategic projects including product and technology development at the Bengaluru Technology Centre, enhancing battery assembly capabilities, and expanding manufacturing capacity across various locations. The company aims to use the funds to bolster its vehicle offerings and its market presence across the electric two-wheeler and three-wheeler segments.
(With inputs from agencies.)
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