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.
