Greaves Cotton Shares in Focus: Board Approved OFS For Greaves Electric Mobility

On December 11, 2024, Greaves Cotton Ltd. concluded its board meeting and finalised the Offer for Sale (OFS) component for the Initial Public Offer (IPO) of its Electric Vehicle unit. The board of the company has approved the OFS for certain equity shares of Greaves Electric Mobility Ltd. (GEML), though the company has not disclosed the number of shares to be sold through the offering. The final share quantity will depend on factors such as market conditions, regulatory approvals, and other applicable laws, as noted by Greaves Cotton.

Following the IPO, Greaves Cotton is expected to remain a significant shareholder in GEML. However, whether GEML will continue to be a subsidiary of Greaves Cotton will depend on the final size of the OFS and the IPO. Details regarding the price and other specifics of the IPO will be determined in due course, the company added.

Participant in GEML IPO

Earlier this month, Greaves Cotton had approved the IPO of its Electric Mobility unit. Additionally, fund houses including Dimensional Fund Advisors, Sundaram Asset Management, and Motilal Oswal Asset Management have acquired shares in the company during the December quarter, according to Bloomberg data.

Greaves Cotton Business Update

Greaves Cotton recently introduced a new range of electrified light construction equipment at Bauma CONEXPO India 2024. The new equipment integrates electrification technologies to offer zero-emission solutions.

On Thursday, December 12, 2024, Greaves Cotton shares opened at ₹253.70 and touched the day low of ₹248.20 at 09:30 AM

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.