Greaves Electric Mobility Pvt. Ltd., the maker of Ampere electric scooters in India, has allotted 35.80% stake to Rivian Inc. investor Abdul Latif Jameel by way of a preferencial allotment on private-placement basis.
The deal, first announced on June 2, is valued at $150 million, according to a statement released late evening Thursday.
The company has allotted 68,35,450 equity shares of face value Rs 10 each — representing 35.80% shareholding in the company on a fully diluted basis — to Abdul Latif Jameel…for a share subscription consideration of Rs 1,171 crore, according to the statement. The company will continue to be a subsidiary of Greaves Cotton Ltd., which will now hold a 61.38% stake.
The proceeds from this investment will be used to develop new products, associated technologies, and brand awareness, aiming to transform the company into a leading global EV manufacturer, Greaves Electric said. The investment aims to support the company as it transitions into the next phase of growth, the company said.
Greaves Electric manufactures electric two-wheelers under the brand name of Ampere Vehicles and three-wheeler vehicles (electric auto and electric rickshaw) under Ele and Teja, respectively.