Greaves Electric Mobility allots nearly 36% stake to investor Abdul Latif Jameel for its Rs 1,171 crore capital infusion

CHENNAI: Greaves Cotton subsidiary Greaves Electric Mobility has announced the completion of allotment of 68,35,450 equity shares of face value Rs 10 each representing 35.80% shareholding on a fully diluted basis, to global investor Abdul Latif Jameel, by way of preferential allotment through private placement basis.
This follows the announcement earlier this month about capital infusion by Abdul Latif Jameel in the company to the tune of Rs 1171 crore or $150 million.
Following the allotment, the company will continue to be a subsidiary of Greaves Cotton. The shareholding of Greaves Cotton in the company is now 61.38% on a fully diluted basis.