Hero MotoCorp is going to infuse up to INR 124 crore in cash in Ather which makes the company acquire additional 2.2% stake in the company making a total of 41.9% stake.
The investment is expected to be completed by July 31, 2024. “Investment is being made in the form of purchase of additional shares from an existing shareholder of Ather Energy for acquisition of up to 2.2% shares (on a fully diluted basis),” the company said in its exchange filings.
Ather which did INR 1,753.8 crore revenue for FY24 has its own charging infrastructure and is engaged in storage, distribution and management of electric power (including energy in the form of batteries) and other ancillary services.
Ather is engaged in the design and manufacture of smart electric vehicles and associated charging infrastructure and storage, distribution and management of electric power (including energy in the form of batteries).
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