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Greaves Electric Mobility Ltd. (GEML) has successfully raised ₹530 crore through a fully subscribed rights issue. Existing shareholders Greaves Cotton Ltd. and Abdul Latif Jameel Green Mobility Solutions participated in the issue in proportion to their respective shareholdings.
The company said the fresh capital will be used to support its next phase of growth, including investments in new electric vehicle (EV) products, battery management systems (BMS), powertrain technologies, and other advanced mobility solutions. The funds will also help strengthen the company's electric two-wheeler and three-wheeler portfolio while accelerating technology development in India's rapidly growing EV market.
Greaves Electric Mobility also announced that it has decided not to avail itself of the extension provided by the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO). However, the company reaffirmed its commitment to pursuing a public listing at an appropriate time, subject to market conditions, regulatory approvals, and other relevant considerations.
Commenting on the development, Vikas Singh, Managing Director, Greaves Electric Mobility Ltd., said the full subscription of the rights issue reflects the strong confidence of existing shareholders in the company's vision, strategy, and execution capabilities.
Greaves Electric Mobility, which operates the Ampere electric two-wheeler brand and Greaves 3 Wheelers, said the investment will support the development of new products, expansion of its retail network, and enhancement of manufacturing capabilities across its electric two-wheeler and three-wheeler businesses.
