Greaves Electric Mobility Raises 530 crores through a Rights Issue

Greaves Electric Mobility Limited (GEML), the electric mobility business of Greaves Cotton Limited, has completed a rights issue worth ₹530 crore, with the issue fully subscribed by its existing shareholders.

The investment was subscribed by shareholders in proportion to their existing holdings, including Greaves Cotton Limited (GCL) and Abdul Latif Jameel Green Mobility Solutions (ALJ).

According to the company, the funds will be used to support the next phase of growth, including the development of new products, battery management systems (BMS), powertrains, and other technology initiatives.

The company said the capital infusion will also support the expansion of its electric two-wheeler and three-wheeler portfolio and technology development. GEML stated that it has decided not to avail itself of the extension provided by SEBI for its proposed public offer but intends to pursue a public listing at a later stage, subject to market conditions, regulatory approvals, and other relevant considerations.

Commenting on the investment, Karan Thapar, Chairman, Greaves Cotton Limited, said “GCL’s strong balance sheet enables us to support organic growth and selectively invest behind businesses with clear long-term potential. Our continued investment in Greaves Electric Mobility reflects our confidence in its strategic direction, execution capabilities and role in advancing India’s clean mobility transition. With its manufacturing footprint, engineering depth, expanding portfolio and focus on Building for Bharat, GEML is well placed to sustain its market-outperforming growth and create enduring value.”

Vikas Singh, Managing Director, Greaves Electric Mobility Limited, said “We are grateful for the full subscription of the rights issue by our existing shareholders. Their continued support reflects strong confidence in Greaves Electric Mobility’s vision, strategy and execution momentum. As India’s electric mobility market moves towards mass adoption, we remain focused on supporting the country’s clean mobility goals through differentiated products Built for Bharat, stronger technology capabilities and reliable mobility solutions for our customers. This capital will help us accelerate innovation and further strengthen our product pipeline.”

Greaves Electric Mobility operates in the electric two-wheeler and three-wheeler segments through its Ampere and Greaves 3 Wheelers brands. The company said it operates manufacturing facilities in Hyderabad, Noida, and Ranipet, supported by a dealer network of around 400 touchpoints across India.

Also read: Greaves Electric Mobility launches Ampere Magnus Neo electric scooter at ₹86,999