Greaves Cotton Reinforces Commitment to Greaves Electric Mobility with Proposed ₹331 Crore Rights Issue Subscription

Greaves Cotton Limited, one of India's leading diversified engineering companies, announced that its Board of Directors has approved the Company's participation in the proposed rights issue of its material subsidiary, Greaves Electric Mobility Limited (GEML), to fully subscribe its entitlement in the rights issue aggregating up to approximately ₹331 crore.

The proposed investment reflects Greaves Cotton's continued commitment to GEML, its confidence in the progress of the business to strengthen its position in India's evolving electric mobility landscape.

Parag Satpute, Managing Director & Group CEO, Greaves Cotton Limited, said: "Our proposed investment in Greaves Electric Mobility Limited reflects our conviction in the longterm opportunity presented by India's transition to sustainable mobility. Backed by a strong balance sheet, healthy cash position and our disciplined capital allocation approach, we continue our focus on the broader Greaves.Next growth journey."

The proposed investment is aligned with Greaves Cotton's long-term strategy of building futureready businesses while creating sustainable value for customers, shareholders and other stakeholders.

Shares of Greaves Cotton Limited was last trading in BSE at Rs. 263.65 as compared to the previous close of Rs. 237.30. The total number of shares traded during the day was 1226526 in over 17742 trades.

The stock hit an intraday high of Rs. 266.90 and intraday low of 236.25. The net turnover during the day was Rs. 316405008.00.

Source : Equity Bulls

Keywords

GreavesCotton INE224A01026 Investment GreavesElectricMobility RightsIssue