On September 4, 2023, the Board of Directors of Hero MotoCorp Limited (HMCL), approved an investment of up to INR 550 crore in the Rights issue of Ather Energy Private Limited, an existing Associate company of HMCL. Ather Energy is an electric 2W OEM engaged in designing, manufacturing, selling, and servicing of electric two-wheelers, as well as operating charging infrastructure and managing electric power and other ancillary services.
Prior to this investment, Hero MotoCorp Ltd. held 33.1% (on a fully diluted basis) share in Ather. Post-investment, the exact shareholding will be determined upon completion of Ather’s capital raise round. The transaction is expected to be completed by September 30, 2023. The investment is being directed towards Series E2 Compulsory Convertible Preference Shares, and the consideration is in cash, up to INR 550 crore.
Ather Energy Private Limited was incorporated on October 21, 2013. It is one of the top-selling electric 2W brands in the country with turnovers of INR 1806.1 crore in year ended March 2023, INR 413.8 crore in March 2022, and INR 79.8 crore in March 2021, as reported by the company statement.
Subscribe today for free and stay on top of latest developments in EV domain.