The Rights issue by the e-mobility arm of Greaves Cotton Ltd secured 100% subscription on Monday, according to a regulatory filing by the company on the BSE. The issue was fully subscribed by GEML's existing shareholders, including Greaves Cotton and Abdul Latif Jameel Green Mobility Solutions (ALJ), in proportion to their existing shareholding.
According to chairman Karan Thapar, GCL’s strong balance sheet enabled the company to selectively invest in businesses with clear long-term potential. “With its manufacturing footprint, engineering depth, expanding portfolio and focus on Building for Bharat, Greaves Electric Mobility is well placed to sustain its market-outperforming growth, and create enduring value,” He said, as per the company’s regulatory filing.
