Greaves Electric Mobility Limited (GEML), the e-mobility arm of Greaves Cotton Limited, has successfully completed its ₹530 crore rights issue. The offering was fully subscribed by existing shareholders, including Greaves Cotton and Abdul Latif Jameel Green Mobility Solutions, underscoring their confidence in GEML’s growth strategy. The capital infusion is designated to strengthen GEML’s future growth initiatives, including new product development and technology advancements.
Greaves Electric Mobility Rights Issue Fully Subscribed
Greaves Electric Mobility Limited (GEML), a key subsidiary of Greaves Cotton Limited and a prominent player in India’s electric vehicle market, has announced the successful completion of its ₹530 crore rights issue. The issue was fully subscribed by the company’s existing shareholders, demonstrating their sustained confidence in GEML’s strategic direction and growth trajectory. The subscription occurred in proportion to their existing shareholdings, with notable participation from Greaves Cotton Limited (GCL) and Abdul Latif Jameel Green Mobility Solutions (ALJ).
Capital for Future Growth
The substantial capital raised through this rights issue is earmarked for strengthening GEML’s next phase of expansion. This includes crucial investments in the development of next-generation products, enhancements to battery management systems, advancements in power trains, and the development of new-age technologies. This strategic infusion of funds aims to bolster GEML’s position in the rapidly evolving electric mobility landscape.
Confidence in Strategy and Market Momentum
Mr. Karan Thapar, Chairman of Greaves Cotton Limited, expressed optimism about the investment, stating, “GCL’s strong balance sheet enables us to support organic growth and selectively invest behind businesses with clear long-term potential. Our continued investment in Greaves Electric Mobility reflects our confidence in its strategic direction, execution capabilities and role in advancing India’s clean mobility transition.” He further highlighted GEML’s manufacturing capabilities and expanding portfolio as key strengths.
Mr. Vikas Singh, Managing Director of Greaves Electric Mobility Limited, commented, “We are grateful for the full subscription of the rights issue by our existing shareholders. Their continued support reflects strong confidence in Greaves Electric Mobility’s vision, strategy and execution momentum.” He emphasized GEML’s commitment to supporting India’s clean mobility goals through differentiated products and reliable solutions.
Strengthening E-mobility Portfolio
The investment is expected to significantly enhance GEML’s electric two-wheeler and three-wheeler product offerings. It will also deepen the company’s capabilities in technology development, enabling it to compete effectively in the fast-growing EV market. GEML, which has brands like Ampere and Greaves 3 Wheelers under its umbrella, operates three manufacturing plants and has a widespread dealer network across India.
Source: BSE
