Greaves Cotton zooms after its arm allots 35.80% stake to Abdul Latif Jameel
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Greaves Cotton is currently trading at Rs. 149.45, up by 5.90 points or 4.11% from its previous closing of Rs. 143.55 on the BSE.
The scrip opened at Rs. 145.70 and has touched a high and low of Rs. 151.95 and Rs. 145.70 respectively. So far 125424 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 258.85 on 21-Jan-2022 and a 52 week low of Rs. 126.15 on 23-Aug-2021.
Last one week high and low of the scrip stood at Rs. 151.95 and Rs. 131.15 respectively. The current market cap of the company is Rs. 3460.71 crore.
The promoters holding in the company stood at 55.55%, while Institutions and Non-Institutions held 12.65% and 31.79% respectively.
Greaves Cotton’s subsidiary -- Greaves Electric Mobility has allotted 68,35,450 equity shares of face value Rs 10 each representing 35.80% shareholding in the Company on a fully diluted basis, to Abdul Latif Jameel, by way of preferential allotment through private placement basis for a share subscription consideration of Rs 1,171 crore ($150 million).
Following the allotment, the Company continues to be a subsidiary of Greaves Cotton and the resultant shareholding of Greaves Cotton in the Company on a fully diluted basis is now 61.38%.
Earlier, Saudi Arabia-based family-owned, diversified global investor and operator Abdul Latif Jameel had committed to invest up to $220-million in Greaves Cotton's e-mobility arm -- Greaves Electric Mobility. As part of the deal, Jameel will initially pump in $150-million for a 35.8 per cent stake in the company, making it the second-largest shareholder in the firm.
Greaves Cotton commonly known as Greaves is one of the leading and diversified engineering companies in India with a rich legacy and brand trust of over 160 years impacting a million lives every day.
