Greaves Cotton-promoted Greaves Electrical energy Mobility Ltd. obtained the capital markets regulator’s nod for its preliminary public providing.
The corporate had filed draft papers in December 2024, trying to increase as much as Rs 1,000 crore through a recent difficulty. The general public provide would additionally embrace a suggestion for the sale of as much as 18.9 crore shares.
Greaves Cotton Ltd. is the one promoter of the corporate offloading shares within the OFS, whereas Abdul Latif Jameel Inexperienced Mobility Options DMCC is an investor that will likely be promoting stake within the difficulty.
Motilal Oswal Funding Advisors Ltd., IIFL Capital Companies Ltd. and JM Monetary Ltd. are the book-running lead managers for the problem, and Hyperlink Intime India Pvt. would be the registrar of the problem.
The Vellore-based firm, in its DRHP, had additionally mentioned that it might contemplate elevating Rs 200 crore from a pre-IPO placement. If such placement is accomplished, the recent difficulty dimension will likely be lowered.
The electrical car making firm plans to make use of Rs 375 crore of the online proceeds from the recent difficulty to put money into product and know-how improvement, in addition to to reinforce the capabilities of its know-how centre in Bengaluru.
Moreover, Rs 83 crore will likely be allotted in direction of creating in-house battery meeting capabilities. As per the draft papers, the corporate will allot Rs 20 crore and Rs 38 crore for the growth of producing capability at Bestway Companies Pvt. and MLR Auto, respectively.
The corporate intends to make use of Rs 74 crore to extend its stake in MLR Auto by way of an acquisition. Moreover, Rs 28 crore of the proceeds will likely be directed in direction of advancing the corporate’s digitisation efforts and deploying IT infrastructure, and the remaining quantity will likely be used for funding inorganic development by way of strategic acquisitions and different common company functions.
The corporate affords a variety of autos throughout electrical two-wheeler and three-wheeler segments used for business and private functions.
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