Hero MotoCorp's board of directors approved an investment of Rs 550 crore in Ather Energy's rights issue

On Monday, Hero MotoCorp stated that the company's board of directors approved an investment of up to Rs 550 crore in Ather Energy's rights issue.

 

According to the company's filings to stock exchanges, the investment is subject to the execution of legally binding documents and the completion of certain customary transactional requirements.

 

Ather, an existing associate company of Hero MotoCorp, specializes in the design, manufacturing, sales, and servicing of electric two-wheelers. Additionally, Ather manages and stores electric power (including energy in the form of batteries) in addition to providing other ancillary services. It also has its charging infrastructure.

 

The turnover for the year that ended in March 2023 was Rs 1,806.1 crore.

 

“This is not an acquisition, but subscription by Hero MotoCorp Ltd, in the rights issue of Ather. The company is an existing shareholder of Ather. No government or regulatory approval is required,” the company said.

 

The acquisition is anticipated to be completed by September 30.

 

Source: Media Reports

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