India's Greaves Cotton jumps after investor Abdul Latif buys stake in unit

Greaves Cotton

02/06/2022 06:36

** Shares of auto engine and heavy equipment maker Greaves
Cotton  GRVL.NS  rise as much as 13.6% to 183 rupees     
    ** Global investor Abdul Latif Jameel International to
invest $150 mln for a 35.8% stake in EV unit Greaves Electric
Mobility (GEM), co says https://www.bseindia.com/xml-data/corpfiling/AttachLive/b29d8134-619c-41ed-ac2c-cd70f00e8508.pdf
    ** GEM will have option to draw down additional investment
of $70 mln within 12 months, co adds
    ** GEM to use the funds to expand and grow, while GRVL will
continue to be majority shareholder 
    ** GRVL stock sees best day in over four months
    ** Over 3.6 mln shares traded, 3.6 times stock's 30-day avg

    

 ((tanvi.mehta@thomsonreuters.com; https://twitter.com/TanviMehta710;))