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Electric bike maker Kabirdass Motor Company eyes Rs 780mn IPO

Panchabuta had reported in November last year that, India had  launched incentive for Electric Vehicle makers of upto 20% of ex-factory price.  Two-wheeler makers have also been given a subsidy ceiling of Rs 4,000 for low-speed vehicles and Rs 5,000 for high-speed vehicles. A ceiling of Rs 100,000 has been placed on Electric Cars.

In a major announcement for the EV community in March this year, presenting the General Budget 2011-12, Shri Pranab Mukherjee, Finance Minister informed that to provide green and clean transportation for the masses, a National Mission for Hybrid and Electric Vehicles will be launched in collaboration with all stakeholders.

As Panchabuta had reported earlier, car maker Mahindra Reva Electric Vehicle (MREV) has recorded a three-fold rise in average monthly sales in the last three months, boosted by incentives announced by the Ministry of New and Renewable Energy (MNRE).

Further, average monthly sales of electric two-wheelers has risen 20 per cent, says Sohinder Gill, director, Society of Manufacturers of Electric Vehicles.

Ludhiana-based cycle maker Hi-Bird Safari Group  announced in end of March this year,  its foray into the Rs 600-crore electronic two-wheelers market and has plans to sell 10,000 e-bikes in one year.

According to reports, Bennett Coleman & Co Ltd (BCCL)-backed start-up automaker Kabirdass Motor Company Ltd is looking to raise Rs 78 crore after a failed attempt to go public two years ago. The firm had to refile for market regulator SEBI’s approval after a disagreement with the previous book runner Keynote Corporate Services Ltd over the pricing of the issue. Also, Karn Merchant Bankers, a relatively lesser-known Kolkata-based firm, has replaced Keynote and Canara Bank who were the joint book runners the last time around.

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