Greaves Cotton plunges 9% after company increases stake in subsidiary

Greaves bought this additional stake through primary and secondary purchase for a total consideration of Rs 22.5 crore

Greaves Cotton shares fell 9 percent intraday on July 11 after the company increases stake in subsidiary Ampere Vehicles Pvt Ltd.


The engines and heavy equipment manufacturer informed exchanges that it has acquired 15,04,523 equity shares, by way of investment, in its subsidiary Ampere Vehicles Private Limited, India.

Greaves bought this additional stake through primary and secondary purchase for a total consideration of Rs 22.5 crore.

Consequent to the acquisition of this additional stake, the company's shareholding in Ampere increased from 67.34 percent to 72.11 percent.

The stock was quoting at Rs 130.50, down Rs 7.35, or 5.33 percent on the BSE at 1333 hours IST.

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