Greaves Electric Mobility allocates 35.80 percent stake to Abdul Latif Jameel

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Greaves Electric Mobility allocates 35.80 percent stake to Abdul Latif Jameel

By way of private placement, Greaves Electric MobilityElectric Mobility has allotted 35.80 percent of his $150 million capital infusion to global investor Abdul Latif Jameel.

Greaves Electric MobilityElectric Mobility Pvt Ltd, which makes two and three-wheelers, is the e-mobility subsidiary of the diversified engineering company Greaves Cotton.

The company has allocated 68,35, 450 equity shares of face value of Rs 10 each representing 35.80 percent of the company's shareholding in 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 crores, $150 million, the company said in a late evening statement on Thursday.

The company continues to be a subsidiary of Greaves Cotton Ltd, and the resultant shareholding of Greaves Cotton Ltd in the company is now 61.38 percent on a fully diluted basis, it said.

The investment will be used to develop new products, associated technologies, and brand awareness, to turn the company into a leading global EV manufacturer, according to Greaves Electric.

It said the investment aims to support the company as it transitions into the next phase of growth.

On June 2, Greaves Electric announced that Saudi Arabian-based global investor Abdul Latif Jameel has committed to invest up to 220 million in the company, and as part of the deal, Jameel will initially infuse 150 million for a 35.8 percent stake in the company, making it the second-largest shareholder in the firm.

Greaves Electric produces e-two wheelers under the brand name Ampere Vehicles and three-wheeler vehicles e-auto and e-rickshaw under the mobility brands Ele and Teja.