Greaves Electric allots 36% stake to investor

Chennai: Greaves Cotton subsidiary Greaves Electric Mobility has announced the completion of allotment of 68,35,450 equity shares of face value Rs 10 each representing 35.80% shareholding on a fully diluted basis, to global investor Abdul Latif Jameel, by way of preferential allotment through private placement basis.This follows the announcement earlier this month about capital infusion by Abdul Latif Jameel in the company to the tune of Rs 1,171 crore or $150 million, a statement said.TNN