Mobility solutions provider Greaves Cotton is planning to come out with the initial public offering (IPO) of its subsidiary name Greaves Electric Mobility (GEML). GEML has received approval from the board members for its IPO proposal on December 1.
"The board of directors of GEML, a material subsidiary company of Greaves Cotton, has approved an IPO of the equity shares of GEML," Greaves said in its filing to exchanges after getting intimation from GEML.
The IPO plan is subject to approval of the shareholders of GEML.
According to Greaves, the IPO will consist of fresh issue of equity shares and an offer-for-sale of equity shares by certain existing and eligible shareholders, which is subject to market conditions, receipt of applicable approvals, and regulatory clearances.
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"The size of the IPO, including the participants in the offer-for-sale, price and other details with respect to the IPO by GEML will be informed in due course after consultation with the book running lead managers appointed for the IPO,' Greaves said.
Greaves Cotton operates its business through five separate units - Greaves Engineering, Greaves Electric Mobility, Greaves Retail, Greaves Finance, and Greaves Technologies.
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