The manufacturer of electric vehicles Greaves Electric Mobility LTD has received the approval of Sebis to raise funds through an initial public offer (IPO), an update with the market regulator that showed on Tuesday.
The proposal opi is a combination of a new issuance of capital shares worth ₹ 1,000 million rupees and a sales offer (OFS) or 18.9 million shares by the sellers, according to drafts of documents presented in December.
According to the OFS, the promoter Greaves Cotton will be disintestrate 5.1 million capital shares and the investor Abdul Latif Jameel Green Mobility Solutions DMCC will download 13.8 million shares.
According to the update, the Company, which presented its preliminary leaving documents before Sebi in December 2024, obtained the observations of the regulator on May 8.
In Sebi’s language, the approval of its approval means its progress to launch the public theme.
Greaves Electric is recognized by its ‘ampere’ brand of electric scooters and also produces three -wheeled vehicles under a separate brand.
The benefits of the new issuance will be used for several strategic initiatives, including ₹ 375.2 million rupees for the development of products and technology at the Bengaluru Technology Center, ₹ 82.9 million rupees to develop interior battery chapter and internal battery cap and ₹ ₹ ₹ ₹ Electronic elécya. Bestway Private Limited agencies.
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Greaves Electric Mobility offers a complete set of vehicles through the two-wheel electrical segments (E-2W) and three wheels (3W), which serve B2C and B2B customers for personal and commercial purposes.
As of September 30, 2024, GEML operated three manufacturing facilities in strategic locations in Ranipet (Tamil Nadu), Greater Noida (Uttar Pradesh) and Topran (Telangana).
In the Financial Front, the company’s revenues at fiscal year 2024 were ₹ 611.8 million rupees and ₹ 302.2 million rupees for the six months ended on September 30, 2024.
Meanwhile, Meir Commodities India LTD withdrew his OPI documents draft on May 2. Sebi received preliminary documents in March, according to the update.
The OPI proposed by the company based in Mumbai included a combination of new problems of 52.94 LAKH of shares and an offer for sale (OFS) or 35.29 LAKH of shares by the promoter.
Posted on May 13, 2025
