- Ather Energy shareholders approved a Rs 1,200 crore preferential issue with 97.72% votes in favor
- Combined with a Rs 1,300 crore QIP, Ather raised about Rs 2,500 crore for growth and investments
- Hero MotoCorp and India-Japan Fund are major investors in the preferential issue, contributing Rs 1,160 crore
Electric two-wheeler maker Ather Energy Ltd on Friday said its shareholders have approved a Rs 1,200 crore preferential issue with 97.72 per cent of votes cast in favour of the resolution at an extraordinary general meeting.
The preferential issue, together with the recently completed Rs 1,300 crore qualified institutional placement (QIP), takes Ather Energy's total fundraise to about Rs 2,500 crore, the company said in an exchange filing.
The capital raised will support investments in manufacturing capacity, product and technology capabilities, and the balance sheet, it added.
The fundraise comes as Ather continues to scale its business, with strong demand, improving financial performance and continued investments across product, technology and manufacturing, it said.
The QIP attracted bids worth over Rs 10,000 crore, with participation from leading domestic and global institutional investors, the company said.
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The preferential issue has participation from Ather's promoter and strategic investors.
Hero MotoCorp Ltd, along with co-founders Tarun Mehta and Swapnil Jain, will invest in warrants at Rs 1,260 apiece, representing a 7.2 per cent premium to the floor price of Rs 1,175.74, the company said.
Strategic investor India-Japan Fund will invest in equity shares at Rs 1,230 per share, representing a 4.6 per cent premium to the floor price.
Hero MotoCorp will invest about Rs 960 crore and India-Japan Fund Rs 200 crore, while Tarun Mehta and Swapnil Jain will invest Rs 20 crore each, Ather Energy said.
The company turned EBITDA positive in the June quarter of FY27.
Ather said its upcoming facility at AURIC in Chhatrapati Sambhaji Nagar (Maharashtra) is on track for commissioning in the third quarter of this fiscal year and will add 5 lakh units of annual production capacity.
Ather is also expanding its product portfolio through its EL platform.
Ather Konarc, the first product built on the platform, is scheduled to be launched on August 29 at Ather Community Day.
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(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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