Greaves Electric Mobility Pvt Ltd to increase stake in MLR Auto Ltd

Greaves Electric Mobility Private Limited (GEMPL), subsidiary of Greaves Cotton Limited had entered into definitive agreement to invest in MLR Auto Ltd (MRL) and subsequent completion of initial acquisition (through primary subscription) of 26% of the equity shareholding in MLR on fully diluted basis respectively.

As per the said definitive agreements, GEMPL had the right (not an obligation) to enter into second stage acquisition by increasing its shareholding by another 25% (on fully diluted basis) in MLR within 12 months from the date of closing of the initial acquisition.

The company has issued invocation notice on second stage acquisition to MLR and the modalities of the same are currently under discussion, which is expected to be closed by the end of FY 2022-23.

Shares of Greaves Cotton Limited was last trading in BSE at Rs. 127.15 as compared to the previous close of Rs. 122.15. The total number of shares traded during the day was 97369 in over 1565 trades.

The stock hit an intraday high of Rs. 127.45 and intraday low of 122.20. The net turnover during the day was Rs. 12200357.00.

Source : Equity Bulls

Keywords

GreavesCotton INE224A01026 GreavesElectricMobility MLRAuto Investment 2ndStage