Greaves Cotton Ltd. shares climbed 11% after its EV division, Greaves Electric Mobility, filed for a ₹1,000 crore IPO with SEBI. The offering will include a fresh issue of shares worth ₹1,000 crore and an Offer for Sale (OFS) of 18.9 crore shares.
Greaves Cotton shares opened at ₹235.50 and reached a high of ₹257.40, with a low of ₹229.61. The stock is currently trading close to its 52-week high of ₹259.49.
In the OFS, Greaves Cotton plans to sell 5.1 crore shares, while Abdul Latif Jameel Green Mobility will divest 13.8 crore shares. The funds raised from the fresh issue will support R&D, battery assembly capabilities, and enhanced manufacturing capacity.
This IPO highlights Greaves Cotton’s commitment to expanding its footprint in the booming electric vehicle market. Stay updated for more details on this upcoming IPO.
As of 11:28 am, Greaves Cotton shares were trading 10.80% higher at Rs 254.12 on the NSE.
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