The company to acquire 67 percent stake in Ampere for Rs 77 crore, which to be completed by December 31, 2018, while for another 13 percent stake the company to shell out another Rs 75.5 crore.
Share price of Greaves Cotton touched 52-week high of Rs 159.90, rising 9.5 percent in the morning trade on Thursday as company board approved acquisition of majority stake in Ampere Vehicles.
The board has approved the proposal of investment in Ampere Vehicles by acquiring 67 percent in the first phase and further 13 percent in a span of three years.
This acquisition will accelerate the development of clean energy technology solutions for mobility needs of passengers and small businesses, company said in release.
The company to acquire 67 percent stake in Ampere for Rs 77 crore, which to be completed by December 31, 2018, while for another 13 percent stake the company to shell out another Rs 75.5 crore.
Ampere is one of the leading brands in the last mile mobility electric vehicles segment. It has strong in-house capabilities in designing, developing, manufacturing & marketing electric vehicles with a wide range of applications.
Ratan Tata and Kris Gopalakrishnan have invested in Ampere Vehicles.
Nagesh Basavanhalli, MD & CEO, Greaves Cotton said, "With this strategic acquisition, we will be able to address a wider range of customer segments with clean energy mobility solutions. Greaves and Ampere will be a synergistic combination of our excellence in frugal engineering & manufacturing with a new age electric mobility solutions company."
At 09:34 hrs Greaves Cotton was quoting at Rs 159.05, up Rs 12.40, or 8.46 percent on the BSE.
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