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HomeMarket NewsGreaves Cotton approves OFS component of Greaves Electric Mobility IPO
Greaves Cotton has also been in focus this week after veteran Dalal Street investor Vijay Kedia acquired 0.5% stake in the company.
By Hormaz Fatakia December 11, 2024, 4:10:57 PM IST (Published)
Greaves Cotton Ltd. at the conclusion of its board meeting on Wednesday, December 11, has finalised the Offer for Sale (OFS) component for the Initial Public Offer (IPO) of its Electric Vehicle unit.
The board has approved the OFS for certain equity shares of Greaves Electric Mobility Ltd. (GEML) on Wednesday. However, the company has not specified the quantum of shares that it plans to sell through the OFS.
The quantum of shares would be subject to revisions under the applicable law, market conditions, receipt of necessary approvals, regulatory clearances and other considerations, Greaves Cotton said.
Post the IPO, Greaves Cotton will continue to remain a significant shareholder, but whether GEML will continue to remain a subsidiary of the company is contingent upon the final quantum of the OFS component and the size of the IPO.
The price and other details of the proposed IPO will be determined in due course, the company statement added.
Greaves Cotton at the start of this month had approved the IPO of its Electric Mobility unit.
The stock was also in focus this week after veteran Dalal Street investor Vijay Kedia acquired 0.5% stake in the company.
Additionally, fund houses like Dimensional Fund Advisors, Sundaram Asset Management Company and Motilal Oswal Asset Management also have picked up shares in the company during the December quarter, show Bloomberg data.
On Wednesday, the company also launched a new range of electrified light construction equipment at Bauma CONEXPO India 2024. The new range of equipment integrates electrification technologies to deliver zero-emission solutions.
Shares of Greaves Cotton recovered sharply from the lows of the day, ending 0.2% higher at ₹252.1.
