The acquisition in Greaves Cotton by Vijay Kedia is happening ahead of the proposed listing of its electric vehicle unit.

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 purchase, which amounts to 0.52% of the company's equity, comes ahead of the anticipated listing of Greaves Cotton's electric vehicle subsidiary.

Shares of Greaves Cotton rallied 9 percent to Rs 232 in morning trade on December 10, extending gains for a second session in a row, as ace investor Vijay Kedia acquired 12 lakh shares through a block deal, representing a 0.52 percent equity in the company.

Greaves Cotton share price today zoomed 18 per cent after ace investor Vijay Kedia puchased 12 lakh shares of the company. He purchased Greaves Cotton shares for around Rs 25 crore.

According to the NSE bulk deals, the ace investor has bought 12 lakh company shares in the name of his company Kedia Securities