Hero MotoCorp set to acquire additional shares in Ather Energy for ₹140 crore

Hero MotoCorp is making moves in the electric two-wheeler game, announcing on Thursday its plan to acquire more shares in Ather Energy with an investment of up to ₹140 crore. This move is set to increase Hero MotoCorp’s stake in Ather Energy from the current 36.6% to a solid 39.7%.

Along with Hero MotoCorp as its largest investor, Ather Energy has the likes of Tiger Global and Singapore sovereign wealth fund GIC among its top bracket of investors. The share acquisition is expected to be wrapped up by January 31, 2024, if everything goes according to plan. The plan involves purchasing shares from an existing Ather shareholder, as per the latest stock exchange filing.

This move by Hero Motocorp adds on to the ₹550 crore that it had invested last year in Ather Energy’s rights issue. This move involved Series E2 Compulsory Convertible Preference Shares marking Hero MotoCorp’s deep plunge into the buzzing world of electric mobility.

Hero has been long involved with Ather and has contributed significantly to its operations. For instance, Ather raised ₹900 crore because of investments from Hero and GIC. Before that, in 2022, Hero had partially led a $128 million fundraise into Ather.

Established in 2013, Ather is not only about electric two-wheelers but also about software that is employed in electric vehicles and their charging infrastructure. Ather Energy has got its fingers in all aspects of the electric mobility pies. On top of this, Ather takes things up a notch by playing a key role in the electric mobility market. With successful electric power storage, distribution, management and most importantly, battery energy being run under its name, Ather has marked its place as one of the top electric players in India. Their success is evident in the numbers reflected on their fiscal year report card.

Read more at thetechportal.com

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