Hero MotoCorp has increased its stake in Ather Energy, an electric vehicle manufacturer, by acquiring an additional 3% for nearly Rs 140 crore. The investment was made through the purchase of shares from existing Ather Energy shareholders, raising Hero MotoCorp's stake to 39.7%. This move follows Hero MotoCorp's previous investment of Rs 900 crore in Ather Energy through a rights issue in September. Ather Energy is reportedly preparing for an initial public offering (IPO) and aims to get listed by the end of 2024 or early 2025. Despite strong sales, Ather Energy's losses in the financial year 2022-23 surged over 2.5 times to Rs 864.5 crore, attributed to a significant increase in total expenses. Last week, the two companies entered a partnership to establish an interoperable fast-charging network for EV two-wheelers, a first of its kind globally.
Key Points:
1. Hero MotoCorp has acquired an additional 3% stake in electric vehicle manufacturer Ather Energy for nearly Rs 140 crore, bringing its total stake in Ather to 39.7%.
2. The investment was made through the purchase of additional shares from existing shareholders of Ather Energy, as disclosed in regulatory filings.
3. Ather Energy, gearing up for its IPO by the end of 2024 or early 2025, recently faced a significant increase in losses, surging over 2.5 times to Rs 864.5 crore in the financial year 2022-23.
4. Despite the losses, Ather's revenue from operations grew 4.3 times to Rs 1,784 crore during the fiscal year ending March 2023.
5. Last week, Hero MotoCorp and Ather Energy formed a partnership to establish an interoperable fast-charging network in India, marking it as the first-ever interoperable fast-charging network for electric two-wheelers globally.
(With Agency Inputs)
Read also| Hero Motocorp Ltd CMD Pawan Munjal questioned by ED
Read also| Hero MotoCorp Reports 47% Surge in Profits; Chairman Munjal Accepts 20% Pay Reduction
