Greaves Cotton Limited (BSE:501455) agreed to acquire remaining 18.77% stake in Ampere Vehicles Pvt Ltd from from the existing shareholders for INR 600 million on November 5, 2019. Greaves Cotton Limited will acquire 2.2 million shares constituting 18.77% stake from the existing shareholders. Greaves Cotton Limited entered into an definitive agreement to acquire remaining 18.72% stake in Ampere Vehicles Pvt Ltd from Hemalatha Annamalai on November 13, 2019. The consideration of INR 400 million will be paid upfront, commitment fees of INR 150 million and additional non-compete / non-solicit fee of INR 50 million will be paid to the existing selling shareholders. The consideration will be paid in cash. Greaves Cotton Limited has acquired balance of 5000 shares through secondary purchase on December 5, 2019. Upon completion, Ampere Vehicles Pvt Ltd will become wholly owned subsidiary of Greaves Cotton Limited. For the financial year March 31, 2019, Ampere Vehicles Pvt Ltd reported total revenue of INR 536 million.

The transaction is subject to execution of definite agreement and completion of customary closing conditions. The Board of Directors of Greaves Cotton Limited gave its in-principle approval for the transaction. The deal is expected to be completed on or before November 30, 2019. As on November 13, 2019, Greaves Cotton Limited agreed to acquire 18.72% stake in Ampere Vehicles Pvt Ltd from Hemalatha Annamalai. As on November 13, 2019, Greaves Cotton Limited completed the acquisition of 18.72% stake in Ampere Vehicles Pvt Ltd from Hemalatha Annamalai. Greaves Cotton Limited acquired 2.194220 million shares constituting 18.72% stake from Hemalatha Annamalai. Post acquisition of 18.72% stake, Greaves Cotton Limited currently holds 99.95% stake in Ampere Vehicles Pvt Ltd. Ampere Vehicles is now part of the e-Mobility division of Greaves Cotton.