Greaves Cotton Limited, the engineering company, saw its shares driven up by 15.11% to an intraday high of ₹264 per share on Tuesday as the company reported that its material subsidiary Greaves Electric Mobility Limited (GEML) has filed a Draft Red Herring Prospectus (DRHP) with the market regulator and exchanges.
The Draft Red Herring Prospectus (DRHP), dated December 23, 2024, has been filed with the Securities and Exchange Board of India (SEBI), Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The initial public offering will be worth ₹1,000 crores.
Greaves Electric Mobility Limited (GEML) is a leading player in the Electric Vehicle (EV) technology industry in the country.
“We wish to inform you that GEML has informed the Company that it has filed a Draft Red Herring Prospectus (DRHP) dated December 23, 2024 with the Sebi, BSE Limited and National Stock Exchange of India Limited in connection with its initial public offering (IPO) of equity shares with a face value of Re 1 each (Equity Shares), comprising a fresh issue of such number of Equity Shares aggregating up to Rs 10,000 million and an offer for sale of up to 51,000,000 Equity Shares by our Company and up to 138,398,200 Equity Shares by Abdul Latif Jameel Green Mobility Solutions DMCC,” said the company in an exchange filing.
The company further clarified that the IPO remains subject to receiving the necessary regulatory approvals, prevalent market conditions and other considerations.
At close on Tuesday, the shares of Greaves Cotton Limited pared some gains to close at ₹247.62 per share, 7.97% higher than the previous close of ₹229.34 per share on the National Stock Exchange.
Summary: Greaves Cotton saw shares rally 15% as its EV technology subsidiary Greaves Electric Mobility Limited (GEML) filed the DRHP for IPO worth ₹1,000 crores.
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