Shares of Greaves Cotton Ltd maintained the momentum on Wednesday as well, after investor Vijay Kedia acquired a 0.52 per cent stake in the company through a block deal on December 9. This transaction, valued at ₹25 crore, marks Kedia’s first investment in Greaves Cotton. Though the stock was volatile in intra-day and slipped to hit a low of ₹239.74, it bounced back towards close to end at ₹252.10, up 0.19 per cent, on the NSE. During the day, the stock also touched an all-time high of ₹259.49.
Kedia’s investment comes ahead of the highly anticipated IPO of Greaves Electric Mobility Ltd (GEML), Greaves Cotton’s electric vehicle subsidiary. The IPO, recently approved by the company’s board, will include a fresh issue of equity shares and an offer-for-sale by existing shareholders.