 "Greaves Electric gets Sebi nod for public listing, looks to raise ₹1000 cr")
Greaves Electric Mobility Ltd, the electric vehicle arm of Greaves Cotton, on Tuesday received approval for an initial public offering (IPO), markets regulator Securities and Exchange Board of India (Sebi) said on Tuesday.
The proposed IPO includes a fresh issue of equity shares worth ₹1,000 crore, along with an Offer for Sale (OFS) of 18.9 crore shares by existing shareholders, as per the draft prospectus filed in December.
As part of the OFS, promoter Greaves Cotton plans to sell 5.1 crore shares, while Abdul Latif Jameel Green Mobility Solutions DMCC will offload 13.8 crore shares.
The funds raised through the fresh issue will support several strategic projects. These include ₹375.2 crore for developing new products and technology at its Bengaluru Technology Centre, ₹82.9 crore for building in-house battery assembly capacity, and ₹19.8 crore for expanding the manufacturing output of Bestway Agencies Private Limited.
In addition, ₹38.2 crore will go towards boosting production capacity at MLR Auto Limited, while ₹73.6 crore is earmarked for increasing its shareholding in MLR through acquisitions. A further ₹27.8 crore will be spent on improving the company’s digital capabilities and IT systems. The remaining funds will be used for potential acquisitions and general corporate needs.
Greaves Electric offers a full range of electric two-wheelers (E-2Ws) and three-wheelers (3Ws), serving both individual customers and businesses. It is best known for its ‘Ampere’ brand of E-2Ws. It also manufactures electric three-wheelers under a different brand Ele.
As of September 30, 2024, the company operated three manufacturing units, located in Ranipet (Tamil Nadu), Greater Noida (Uttar Pradesh), and Toopran (Telangana). The company posted revenue of ₹611.8 crore in the financial year ended March 2024, and ₹302.2 crore for the half-year ending September 30, 2024.
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