Ather Energy board approves ₹1,300cr QIP for ₹2,500cr plan
Ather Energy, the Bengaluru-based electric scooter startup, just launched a ₹1,300 crore QIP (that's a way for companies to raise money from big investors) as part of its bigger plan to raise ₹2,500 crore.
The board gave the green light on July 15 and set the base price at ₹1,169.70 per share.
Final pricing will be sorted soon with its lead managers.
Hero MotoCorp may invest ₹1,000cr
This QIP follows a fresh approval of a ₹1,200 crore preferential issue earlier the same day.
Hero MotoCorp is leading with up to ₹960 crore via convertible warrants and could invest as much as ₹1,000 crore in total.
The India-Japan Fund (managed by NIIFL) chipped in another ₹200 crore, and Ather's co-founders added ₹40 crore themselves.
All this new funding is aimed at helping Ather scale up and stay competitive in India's buzzing electric two-wheeler scene.