Hero MotoCorp to increase Ather stake to 32.8% with ₹1,758cr
Business
Ather Energy's shares climbed almost 10% after Hero MotoCorp announced an investment of up to ₹1,758 crore in the electric scooter company.
With this move, Hero MotoCorp will bump up its stake to 32.8%.
The transaction is likely to be completed by 3 September and doesn't need any government approvals.
Ather Energy raises ₹2,500cr
This funding gives Ather a solid boost as it looks to grow in India's EV scene. With recent shareholder backing, the company has now raised around ₹2,500 crore.
Ather plans to use the money to ramp up manufacturing, improve its scooters and tech, and strengthen its product and technology capabilities, expanding manufacturing capacity, strengthening product and technology capabilities, and improving the balance sheet.