Greaves Electric Mobility, a subsidiary of Greaves Cotton, has completed the 35.8 percent share allocation to Abdul Latif Jameel, an independent, diversified, family-owned global investor and operator, following its $150 million (Rs 1,171 crore) investment. .
The investment announcement was made earlier this month.
Greaves Electric has allocated 68,35,450 shares with a par value of Rs 10 each representing 35.80 percent of the shares in the company on a fully diluted basis through preferential allotment via private placement for a share subscription fee of Rs 1,171 crore ($ 150 million).
Following the assignment, the e-mobility arm will remain a subsidiary of Greaves Cotton and Greaves Cotton’s resulting shareholding in the company on a fully diluted basis now stands at 61.38 percent.
Greaves Electric Mobility currently manufactures electric two-wheelers under the Ampere Vehicles brand and three-wheelers (e-car and e-rickshaw) under the Ele and Teja brands. The EV maker has annual sales of over $100 million (Rs 780 crore).
The investment will be used to develop new products, associated technologies and brand awareness to make Greaves Electric a global leader in EVs. The company says this strategic investment is an important milestone in the development of the electric two-wheeler and three-wheeler ecosystem in India, currently the fourth largest automotive market in the world, where the share of EVs in the two-wheeler and three-wheeler segment is expected to be significant. increase. Unlike passenger cars, these segments are less dependent on commercial charging infrastructure.