Greaves Cotton soars 15% after over 45 million shares trades on NSE

Shares of Greaves Cotton hit a new high of Rs 271.90, surging 16 per cent on the National Stock Exchange (NSE) in Friday’s intra-day trade amid heavy volumes, ahead of the initial public offering (IPO) of its material subsidiary, Greaves Electric Mobility Limited (GEML).

 

By 01:05 PM, as many as 50.11 million equity shares, representing 21.55 per cent of the total equity of Greaves Cotton, had changed hands on the NSE. The counter recorded a turnover of Rs 1,301 crore, which accounts for 21 per cent of the company’s current market capitalisation of Rs 6,214 crore, data from the National Stock Exchange showed.

 

 

In an exchange filing on December 23, Greaves Cotton announced that GEML has informed it about a Draft Red Herring Prospectus (DRHP) it has filed with the Securities and Exchange Board of India (Sebi), BSE and National Stock Exchange of India in connection with its IPO of equity shares with a face value of Re 1 each. 

 

The IPO comprises a fresh issue of such a number of equity shares aggregating up to Rs 1,000 crore and an offer for sale of up to 51 million equity shares by Greaves Cotton and up to 138.4 million equity shares by Abdul Latif Jameel Green Mobility Solutions DMCC. The offer remains subject to receipt of necessary regulatory approvals, market conditions and other considerations, the company added.

 

Meanwhile, in six weeks, the stock price of Greaves Cotton has zoomed 76 per cent from the level of Rs 154.50 that it hit on November 13, 2024.

 

Greaves Cotton is a diversified, multi-product, multi-fuel, and multi location engineering company. Originally renowned for its single-cylinder diesel engines, Greaves Cotton has transformed into a fuel-agnostic, end-to-end mobility solutions provider, driven by the purpose of touching a billion lives by 2030 and enabling a sustainable transition to green mobility.

 

Through its five independent business units - Greaves Engineering, Greaves Electric Mobility, Greaves Retail, Greaves Finance, and Greaves Technologies - Greaves Cotton combines agility with a strategic focus, delivering innovation and enhancing accessibility for consumers. With significant investments in technology and human capital, the company is positioned to lead in India's electric vehicle (EV) and sustainable mobility markets.

 

On December 11, 2024, Greaves Retail, a division of Greaves Cotton and a leading provider of clean mobility and energy solutions in the e2W, ICE 2W, e3W, ICE 3W, and SCV segments, announced the launch of its new range of high-performance electrified light construction equipment at bauma CONEXPO India 2024.

 

With sustainability at the forefront, this new range of equipment integrates cutting-edge electrification technologies to deliver zero-emission solutions, enhancing performance while lowering operational costs. This strategic move into the construction equipment sector underscores the company's commitment to delivering innovative, reliable solutions that prioritise environmental responsibility and sustainability, the company said in a press release.