The business that manufactures electric vehicles intends to invest Rs 375 crore of the net proceeds from the new issue in the development of new products and technologies.
Greaves Cotton was endorsed For its IPO, Greaves Electricity Mobility Ltd. was approved by the capital markets regulator.
In December 2024, the company submitted draft documents in an attempt to raise up to Rs 1,000 crore through a new issuance. An offer to sell up to 18.9 crore shares would also be part of the public offering.
Abdul Latif Jameel Green Mobility Solutions DMCC is an investor who will be selling a stake in the OFS, whereas Greaves Cotton Ltd. is the sole promoter of the business selling shares.
The issue’s book-running lead managers are Motilal Oswal Investment Advisors Ltd., IIFL Capital Services Ltd., and JM Financial Ltd. Link Intime India Pvt. will serve as the issue’s registrar.
In its DRHP, the Vellore-based business also stated that it would think about collecting Rs 200 crore through a pre-IPO placement. The size of the new issue will be decreased if such positioning is finished.
The business that makes electric vehicles intends to invest Rs 375 crore of the net proceeds from the new issue in product and technology development and to improve the capabilities of its Bengaluru technology centre.
Furthermore, Rs 83 crore would be set aside to build up internal battery assembly skills. The business will allocate Rs 20 crore and Rs 38 crore, respectively, for the increase of production capacity at Bestway Agencies Pvt. and MLR Auto, according to the draft filings.
Through an acquisition, the business plans to raise its ownership of MLR Auto for Rs 74 crore. The remaining sum would be utilised to finance inorganic expansion through strategic acquisitions and other general business objectives. Additionally, Rs 28 crore of the proceeds will be allocated towards improving the company’s digitisation efforts and installing IT infrastructure.
The company sells a variety of electric two-wheeler and three-wheeler vehicles for both personal and business use.
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