Business

Greaves Electric Mobility allots 35.80% stake to global investor Jameel for his $150 million capital infusion

Greaves Electric Mobility Pvt. Ltd, (GEM) a subsidiary of Greaves Cotton Ltd., has allotted 35.80% shares to diversified global investor Abdul Latif Jameel for his $150 million capital infusion into the company.

GEM completed the formalities by allotting 68,35,450 equity shares of ₹10 each by way of preferential allotment through private placement basis for a total consideration of ₹1,171 crore.

The proceeds will be used to develop new products, associated technologies and brand awareness, aiming to transform the company into a leading global EV manufacturer, Greaves Cotton said in a statement.

Following the allotment, GEM continues to be a subsidiary of Greaves Cotton and its shareholding stands 61.38%.

On June 2, GEM had announced that Mr. Jameel has committed to invest up to $220-million. As part of the deal, Mr. Jameel will initially infuse $150-million for a 35.8% stake in the company, making him the second-largest shareholder in the company.

GEM manufactures electric two-wheelers under the brand name of Ampere Vehicles and three-wheeler vehicles under the brands Ele and Teja.


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Printable version | Jul 31, 2022 9:25:33 pm | https://www.thehindu.com/business/greaves-electric-mobility-allots-3580-stake-to-global-investor-abdul-latif-jameel-for-his-150-million-capital-infusion/article65560889.ece