Greaves Cotton Ltd. to Invest INR 22 Crores in Wholly Owned Subsidiary Greaves Finance Ltd.

Greaves Cotton Ltd. has approved a further investment of approximately INR 22 Crores in its wholly owned subsidiary, Greaves Finance Limited (GFL), by way of subscription to the equity shares offered on a rights basis. GFL is a non-banking financial company engaged in the business of retail vehicle financing and provides lending and related solutions to prospective purchasers of electric 2-wheeler and 3-wheeler vehicles and also offers lease financing options to the last-mile delivery and service aggregators. The proceeds from the further issue of shares will be utilized by GFL towards capitalization of its borrowings.