Greaves Cotton Shares Surge As Electric Mobility Arm Files Draft Papers For Maiden Offer
Shares of Greaves Cotton Ltd. surged by more than 12% in midday trading on Tuesday after its subsidiary, Greaves Electricity Mobility Ltd., filed its preliminary documents with the Securities and Exchange Board of India to raise up to Rs 1,000 crore through an initial public offering on Monday.
The offering will consist of a sale of up to 18.9 crore shares and a fresh issuance of shares amounting to Rs 1,000 crore, as detailed in the draft red herring prospectus.
The equity shares are expected to be listed on both the National Stock Exchange of India and the Bombay Stock Exchange.
Greaves Cotton Ltd. will serve as the sole promoter offloading shares in the offer for sale, while Abdul Latif Jameel Green Mobility Solutions DMCC will be the investor selling its stake in the issue.
Greaves Cotton Share Price Today
The scrip rose as much as 12.24% to Rs 257.40 apiece, the highest level since Dec. 11, 2024. It pared gains to trade 10.57% higher at Rs 253.58 apiece, as of 12:11 p.m. This compares to a 0.17% advance in the NSE Nifty 50 index.
It has risen 62.45% on a year-to-date basis. Total traded volume so far in the day stood at 4.6 times its 30-day average. The relative strength index was at 69.75.
Out of three analysts tracking the company, two maintain a 'buy' rating, and one recommends a 'hold,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 29.1%.
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