Greaves Electric Mobility IPO: Greaves Cotton okays OFS component; check key details

Greaves Electric Mobility IPO: Diversified engineering company Greaves Cotton on Wednesday approved the offer for sale (OFS) component in the proposed initial public offering (IPO) of equity shares of Greaves Electric Mobility Ltd, a material subsidiary of the company.

The company's board, on December 11, considered and approved the OFS of "certain equity shares" of Greaves Electric Mobility in the proposed IPO.

"Post the proposed IPO, while the Company would continue to be a significant shareholder of GEML, whether GEML would continue to be a subsidiary of the company would be contingent on the final quantum of the OFS and the size of the IPO," it added.

The price and other details of the expected IPO will be determined in due couse, the company said.

Greaves Electric Mobility IPO

Greaves Cotton approved the IPO of its Electric Mobility unit in the first week of December.

The initial share sale will be a fresh issuance of shares and an OFS by existing and eligible shareholders.

Greaves Electric Mobility, the electric mobility arm of Greaves Cotton, is a major player in the electric vehicle (EV) technology industry in India. It operates in the three-wheeler and two-wheeler segments. The company has an electric scooter brand called 'Ampere' in the 2-wheeler segment.

Upcoming IPOs

The proposed issue will be a complete offer-for-sale of 3.2 crore shares without a fresh issue component. Since the entire issue is an OFS, all the IPO proceeds will go directly to selling shareholders.