Greaves Cotton shares drop 2% after approving OFS component for Greaves Electric Mobility IPO

Greaves Cotton's board approved an Offer for Sale (OFS) for its electric vehicle unit, Greaves Electric Mobility (GEML), as part of its IPO. The company will remain a major shareholder, but GEML's subsidiary status depends on the OFS size. This follows Vijay Kedia's recent stake acquisition and the launch of new electric construction equipment.