Greaves Cotton shares jump nearly 8% – ET Auto

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New Delhi: Shares of Greaves Cotton went up nearly 8% on Tuesday after electric vehicle (EV) maker Greaves Electric Mobility Ltd filed draft papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The stock soared 7.90% to settle at INR 247.30 on the BSE. During the day, it zoomed 15.18% to hit its one-year high of INR 264.

At the NSE, it jumped 7.36% to INR 246.23.

The IPO is a combination of a fresh issue of equity shares worth INR 1,000 crore and an offer for sale (OFS) of 18.9 crore shares by the selling shareholders, according to the draft papers filed on Monday.

Under the OFS, promoter Greaves Cotton will divest 5.1 crore equity shares and an investor Abdul Latif Jameel Green Mobility Solutions DMCC will offload 13.8 crore shares.

Greaves Electric is recognised for its ‘Ampere’ brand of electric scooters and also produces three-wheelers under a separate brand name.

The company may consider raising INR 200 crore through a pre-IPO placement. If such placement is undertaken, the fresh issue will be reduced.

Proceeds from the fresh issue will be utilised for various strategic initiatives, including INR 375.2 crore for product and technology development at the Bengaluru Technology Centre, INR 82.9 crore for developing in-house battery assembly capabilities, and INR 19.8 crore for expanding the manufacturing capacity of Bestway Agencies Pvt Ltd.

Additionally, INR 38.2 crore will be allocated to expand MLR Auto Ltd’s manufacturing capacity, INR 73.6 crore to increase the company’s stake in MLR through acquisitions, INR 27.8 crore to enhance digitisation and IT infrastructure, and funds will also used to support inorganic growth through acquisitions and general corporate purposes.“,”next_sibling”:[{“msid”:116646356,”title”:”Air quality better, Grap 4 lifted in Delhi but major curbs stay”,”entity_type”:”ARTICLE”,”link”:”/news/industry/air-quality-better-grap-4-lifted-in-delhi-but-major-curbs-stay/116646356″,”link_next_mobile”:”/news/industry/air-quality-better-grap-4-lifted-in-delhi-but-major-curbs-stay/116646356?next=1″,”category_name”:null,”category_name_seo”:”industry”}],”related_content”:[],”seoschemas”:false,”social_share”:{“fb”:”/news/industry/greaves-cotton-shares-jump-nearly-8/116646619?utm_source=facebook&utm_medium={{DEVICE_TYPE}}”,”x”:”/news/industry/greaves-cotton-shares-jump-nearly-8/116646619?utm_source=twitter&utm_medium={{DEVICE_TYPE}}”,”whatsapp”:”/news/industry/greaves-cotton-shares-jump-nearly-8/116646619?utm_source=wapp&utm_medium={{DEVICE_TYPE}}”,”linkdin”:”/news/industry/greaves-cotton-shares-jump-nearly-8/116646619?utm_source=linkedin&utm_medium={{DEVICE_TYPE}}”,”telegram”:”/news/industry/greaves-cotton-shares-jump-nearly-8/116646619?utm_source=telegram&utm_medium={{DEVICE_TYPE}}”,”copy”:”/news/industry/greaves-cotton-shares-jump-nearly-8/116646619?utm_source=copy&utm_medium={{DEVICE_TYPE}}”},”cat_msid”:25384693,”cat_sub_msid”:false,”msid”:116646619,”entity_type”:”ARTICLE”,”title”:”Greaves Cotton shares jump nearly 8%”,”synopsis”:”The IPO is a combination of a fresh issue of equity shares worth INR 1,000 crore and an offer for sale (OFS) of 18.9 crore shares by the selling shareholders, according to the draft papers filed on Monday.”,”titleseo”:”industry/greaves-cotton-shares-jump-nearly-8″,”status”:”ACTIVE”,”authors”:[],”Alttitle”:{“minfo”:””},”artag”:”PTI”,”artdate”:”2024-12-25 08:58:54″,”lastupd”:”2024-12-25 09:01:11″,”breadcrumbTags”:[“Greaves Electric Mobility IPO”,”Greaves Cotton”,”Greaves Electric Mobility Ltd”,”electric vehicle”,”Ampere electric scooters”,”Bengaluru Technology Centre”,”Bestway Agencies Pvt Ltd”,”Greaves Electric Mobility”,”Greaves Electric IPO news”],”secinfo”:{“seolocation”:”industry/greaves-cotton-shares-jump-nearly-8″}}” data-authors=”[” data-author-list data-category-name=”Industry” data-category_id=”23″ data-cat_msid=”25384693″ data-date=”2024-12-25″ data-index=”article_1″ data-keywords=”Greaves Electric Mobility IPO, Greaves Cotton, Greaves Electric Mobility Ltd, electric vehicle, Ampere electric scooters, Bengaluru Technology Centre, Bestway Agencies Pvt Ltd, Greaves Electric Mobility, Greaves Electric IPO news” data-type=”news”>