Shares of Greaves Cotton Ltd declined by 2.28 per cent to ₹246.35 on Wednesday, December 11, 2024, after investor Vijay Kedia acquired a 0.52 per cent stake in the company through a block deal on December 10. This transaction, valued at ₹25 crore, marks Kedia’s first investment in Greaves Cotton.

Kedia’s investment comes ahead of the highly anticipated IPO of Greaves Electric Mobility Ltd (GEML), Greaves Cotton’s electric vehicle subsidiary. The IPO, recently approved by the company’s board, will include a fresh issue of equity shares and an offer-for-sale by existing shareholders.

The stock hit 52-week high of ₹254.25 on December 10, a low of ₹112.50 on June 4.