Hero MotoCorp to increase its stake in Ather Energy

Hero MotoCorp will acquire 2.2% shares with an investment of Rs 124 crore.

Hero MotoCorp plans to increase its stake in Bangalore-based electric 2-wheeler maker Ather Energy.

Currently, Hero MotoCorp controls a 39.7% stake in the EV maker. The company plans to acquire an additional 2.2% stake by infusing up to Rs 124 crore in cash.

“Investment is being made in the form of purchase of additional shares from an existing shareholder of Ather Energy for the acquisition of up to 2.2% shares (on a fully diluted basis),” Hero said in its statement.

Hero MotoCorp has been one of the biggest investors in Ather Energy. The latest acquisition of shares is expected to be completed by July 31, 2024.

Source: ET Auto