Greaves Electric Mobility's IPO Boosts Parent Company's Stocks
Shares of Greaves Cotton surged nearly 8% as its electric vehicle arm, Greaves Electric Mobility, filed for an IPO. The offering includes a Rs 1,000 crore fresh issue and a significant offer for sale. Proceeds will fund product development, technology enhancements, and expanded manufacturing capacities.
- Country:
- India
Shares of Greaves Cotton surged nearly 8% on Tuesday following news that Greaves Electric Mobility, its electric vehicle unit, has filed draft papers with market regulator SEBI to initiate an initial public offering (IPO).
The company's stock rose by 7.90% to close at Rs 247.30 on the Bombay Stock Exchange, with an intraday spike of 15.18%, hitting a one-year high at Rs 264. On the National Stock Exchange, the shares jumped 7.36% to reach Rs 246.23.
The IPO plan comprises a fresh issue of equity shares worth Rs 1,000 crore and an offer for sale (OFS) totaling 18.9 crore shares. Promoter Greaves Cotton intends to sell 5.1 crore shares, while Abdul Latif Jameel Green Mobility Solutions DMCC will offload 13.8 crore shares. The proceeds are earmarked for strategic initiatives including technology development and capacity expansion.
(With inputs from agencies.)
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