₹530 Crore Rights Issue Fully Subscribed by Existing Shareholder
Greaves Electric Mobility Ltd. (GEML) has raised ₹530 crore through a fully subscribed rights issue, with existing shareholders Greaves Cotton Ltd. and Abdul Latif Jameel Green Mobility Solutions participating in proportion to their shareholding. The capital infusion is aimed at funding the company's next phase of growth, including investments in new products, battery management systems, powertrains and technology development.
Funds to Strengthen EV Portfolio, Battery Tech and Powertrains
The company said the additional equity will be used to strengthen its electric two-wheeler and three-wheeler portfolio and to support technology development and execution in India's growing electric mobility market.
IPO Still on the Cards Despite Skipping SEBI Extension
Greaves Electric Mobility also stated that it has decided not to avail itself of the extension provided by the Securities and Exchange Board of India (SEBI) for its proposed public offering. However, it said it remains committed to pursuing a public listing at an appropriate time, subject to market conditions, regulatory approvals and other relevant considerations.
Commenting on the development, Vikas Singh, Managing Director, Greaves Electric Mobility Ltd., said, "We are grateful for the full subscription of the rights issue by our existing shareholders. Their continued support reflects strong confidence in Greaves Electric Mobility's vision, strategy and execution momentum."
About Greaves Electric Mobility — Ampere and Greaves 3 Wheelers
Greaves Electric Mobility, which operates the Ampere electric two-wheeler brand and Greaves 3 Wheelers, said the investment comes as it continues to expand its presence across the electric two-wheeler and three-wheeler segments through product development, retail network expansion and manufacturing investments.