Board of L G Balakrishnan & Bros approves strategic investment in Greenerg Mobility Solutions

The Board of L G Balakrishnan & Bros at its meeting held on 05 August 2024 has approved to make strategic investment in Greenerg Mobility Solutions (Investee Company) by subscribing to equity shares having face value of Rs.10/- each equivalent to 14.92% of the post investment Paid up Share Capital of the Investee Company for an aggregate consideration of an amount not exceeding Rs.6 crore and subscribing to Secured Optionally Convertible Debentures for an aggregate nominal value not exceeding Rs.6 crore, in one or more tranches.

The investment in equity is likely to be completed by August 2024 while the investment in debentures will be completed by January 2025.

Greenerg Mobility Solutions (Greenerg) 1s primarily engaged m the business of electric mobility solutions in India and engaged in the development of Electric Vehicle (EV) components like telematics, BMS, VCU, BLDC motor and motor controller and other Electrical and Electronic Parts thereof.