Furtherance to its letter dated 6th July, 2020 and 14th July, 2020 (attached), Greaves Cotton has informed that Greaves Electric Mobility (Formerly known as Ampere Vehicles), India (‘GEMPL’, WOS of the Company] on 22nd October, 2021 has completed the second phase acquisition 3,900 equity shares constituting 26% of total equity share capital on fully diluted basis held by Vikas Aggarwal in Bestway Agencies (‘Bestway’), through secondary purchase for a total cash consideration of Rs 13,50,00,000 as per the fair market valuation of equity shares of Bestway as on 31st March, 2021. With the completion of the acquisition of aforesaid shares, Bestway has become a wholly owned subsidiary of GEMPL with effect from 22nd October, 2021. A copy of the Press Release is attached.
The above information is a part of company’s filings submitted to BSE.
