Greaves Electric Mobility’s Rs 530 crore rights issue offer gets fully subscribed

The Rights issue by the e-mobility arm of Greaves Cotton Ltd secured 100% subscription on Monday, according to a regulatory filing by the company on the BSE. The issue was fully subscribed by GEML’s existing shareholders, including Greaves Cotton and Abdul Latif Jameel Green Mobility Solutions (ALJ), in proportion to their existing shareholding.According to chairman Karan Thapar, GCL’s strong balance sheet enabled the company to selectively invest in businesses with clear long-term potential. “With its manufacturing footprint, engineering depth, expanding portfolio and focus on Building for Bharat, Greaves Electric Mobility is well placed to sustain its market-outperforming growth, and create enduring value,” He said, as per the company’s regulatory filing.

“This capital will help us accelerate innovation and further strengthen our product pipeline,” said MD Vikas Singh.

The capital infusion is aimed at strengthening GEML’s next phase of growth towards building Next Generation products, Battery Management Systems, Power Trains and New Age Technology development. “As India’s electric mobility market moves towards mass adoption, we remain focused on supporting the country’s clean mobility goals through differentiated products Built for Bharat, stronger technology capabilities and reliable mobility solutions for our customers.” He added.

GEML has decided to defer its proposed public listing, opting not to avail itself of Sebi’s extension for the offer. The company said it remains committed to pursuing the listing at an appropriate time, subject to market conditions, regulatory approvals and other relevant considerations.The company also has a longstanding association with the Indian armed forces, with its products supporting a range of defence and naval applications.Through this latest investment, the company aims to accelerate performance of its electric two-wheeler and three-wheeler segments with a growing portfolio of products, an expanding retail and service network, and continued investments in engineering, manufacturing and customer experience.