Greaves Cotton recovers, up by 2 per cent

Greaves Cotton has acquired 25,73,529 equity shares of its subsidiary Ampere Vehicles by way of investment through primary and secondary purchase for a total consideration of Rs. 38.49 crore.

The company has increased its holding in Ampere Vehicles, a subsidiary of Greaves Cotton to 81.23 per cent from 67.34 per cent. This investment follows the acquisition of Ampere Vehicles by Greaves in October 2018 with 67.34 per cent stake worth Rs. 77 crore. Greaves total investment in Ampere now stands at Rs 120.49 crore for 81.23 per cent stake. The investment is in line with the companies long-term growth strategy to deliver superior products & services in last-mile e-Mobility space, which is seeing significant interest from various quarters.

Greaves Cotton, a multi-product, multi-locational company is one of the leading engineering companies in India with core competencies in diesel/petrol engines, farm equipment and Gensets.

The shares of the company on Tuesday opened at Rs. 131.20 against Monday’s close of Rs. 127.65. At 9:54, it was trading at Rs 131.45, 2.98 per cent higher than its previous close. The intraday high was Rs 132.65 and intraday low was Rs 129.45. Its 52-week high was Rs. 165 and 52-week low was Rs. 111.10 per share on BSE.