Greaves Cotton Limited’s board has approved the Initial Public Offering (IPO) of its subsidiary, Greaves Electric Mobility Limited (GEML). The IPO will include a fresh issue of equity shares along with an offer for sale by existing shareholders.
The decision, made on December 1, 2024, is subject to the approval of GEML’s shareholders.
The IPO will be undertaken in accordance with market conditions, regulatory approvals, and other necessary considerations.
GEML plans to raise capital through the fresh issue of shares, while certain existing shareholders will offer their equity as part of the sale. The final details, including the size of the IPO, pricing, and the list of participants in the offer for sale, will be disclosed in due course.
These details will be finalised in consultation with the appointed book-running lead managers.
In September, Greaves Cotton’s electric mobility arm, Greaves Electric Mobility, secured Heavy Industries Ministry’s nod for incentives under the Union Government’s Electric Mobility Promotion Scheme (EMPS) 2024.
Greaves Electric Mobility said its three-wheeler business through its subsidiary is already eligible for such incentives under the scheme.
The EMPS was launched in April and was extended till September 30.
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