 "Greaves Cotton rally 15%, hits record as arm files DRHP for Rs 1,000 cr-IPO")
Greaves Cotton share price: Greaves Cotton share price zoomed up to 15.18 per cent to hit a record high (all-time high) of Rs 264 apiece on Tuesday, December 24, 2024.
However, at 2:47 PM, the Greaves Cotton shares were trading 12.81 per cent higher at Rs 258.55 per share. By comparison, BSE Sensex was trading 0.01 per cent higher at 78,545.01 levels.
The uptick in Greaves Cotton share price came after the company announced that its material subsidiary, Greaves Electric Mobility Limited, has filed a Draft Red Herring Prospectus (DRHP) dated December 23, 2024 with the Securities and Exchange Board of India (Sebi), BSE Limited and National Stock Exchange of India Limited for Rs 1,000 crore initiate public offering (IPO).
In an exchange filing, Greaves Cotton said, “We wish to inform you that GEML has informed the Company that it has filed a Draft Red Herring Prospectus (DRHP) dated December 23, 2024 with the Sebi, BSE Limited and National Stock Exchange of India Limited in connection with its initial public offering (IPO) of equity shares with a face value of Re 1 each (Equity Shares), comprising a fresh issue of such number of Equity Shares aggregating up to Rs 10,000 million and an offer for sale of up to 51,000,000 Equity Shares by our Company and up to 138,398,200 Equity Shares by Abdul Latif Jameel Green Mobility Solutions DMCC.”
The company further said that the Offer remains subject to receipt of necessary regulatory approvals, market conditions and other considerations.
About Greaves Cotton
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Greaves Cotton Limited, an engineering company with over 165 years of legacy, specialises in energy solutions and sustainable mobility.
The company manufactures clean technology powertrain solutions for petrol, diesel, and CNG engines, alongside electric vehicles and their spares, contributing to the evolving e-mobility ecosystem.
Greaves Cotton also produces a diverse range of products, including generator sets, farm equipment engines, cables, and control levers, while offering comprehensive aftermarket spares and services to ensure customer satisfaction.
The company is listed on the National Stock Exchange of India (NSE) and the BSE. The market capitalisation of Greaves Cotton is Rs 5,370.32 crore, according to BSE. The company falls under the BSE SmallCap category. The 52-week low of Greaves Cotton share is Rs 112.50 apiece.