Greaves Cotton subsidiary cancels IPO plans

Greaves Cotton Ltd's material subsidiary, Greaves Electric Mobility Limited (GEML), has informed SEBI and stock exchanges that it will not proceed with its proposed Initial Public Offering (IPO). GEML has decided not to avail the one-time relaxation granted by SEBI regarding the validity of its Draft Red Herring Prospectus (DRHP) observations. This decision comes as GEML is undertaking a rights issue to fund its business initiatives, growth investments, and expansion priorities. Consequently, the validity of SEBI's final observations on the DRHP has lapsed, and GEML will not be moving forward with the IPO.