Now Reading: Ather Energy shareholders approve Rs 1,200 crore preferential issue
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Ather Energy shareholders approve Rs 1,200 crore preferential issue
Ather Energy shareholders approve Rs 1,200 crore preferential issue
Ather Energy shareholders have approved a Rs 1,200 crore preferential issue with 97.72% of votes in favour. Combined with the recent Rs 1,300 crore QIP, the total fundraise is about Rs 2,500…
The Story in Brief
Ather Energy shareholders have approved a Rs 1,200 crore preferential issue with 97.72% of votes in favour. Combined with the recent Rs 1,300 crore QIP, the total fundraise is about Rs 2,500 crore. The capital will go into manufacturing, product, technology, and the balance sheet.
Hero MotoCorp will invest about Rs 960 crore, India-Japan Fund Rs 200 crore, and co-founders Tarun Mehta and Swapnil Jain Rs 20 crore each. The QIP saw bids worth over Rs 10,000 crore. Ather turned EBITDA positive in the June quarter, and its new Auric facility in Maharashtra will add 5 lakh units of annual capacity. The Ather Konarc scooter is set for launch on August 29.
The Indian Opinion
The narrative that Indian EV startups are starved for capital is wearing thin. Ather’s combined Rs 2,500 crore fundraise, with a QIP that drew bids over Rs 10,000 crore, shows institutional confidence is high. The real test will be whether the new Konarc scooter and the expanded Auric plant can convert this cash into sustained market share gains.
Source: ndtvprofit.com
This story was synthesised by AI from the source linked above.
