On Wednesday Electric two-wheeler maker Ather Energy said that the company has raised Rs 900 crore from existing shareholders Hero MotoCorp and GIC through a rights issue.
Ather Energy said in statement that the firm intends to use the cash for the introduction of new products as well as the growth of its retail network and charging infrastructure.
“There was strong support for the rights issue and we are very happy to see the confidence exhibited by shareholders,” Ather Energy Chief Executive Officer & Co-Founder Tarun Mehta said.
On Monday Hero MotoCorp announced that it would invest an additional Rs 550 crore in Ather Energy. Prior to this, in Athre, Hero MotoCorp’s shareholding in stood at 33.1 per cent.
Mehta said the last few years have demonstrated how quick the electric vehicle transition in India can be and how it will be led by two-wheelers.
“We have always believed that this transition will be led by world-class technology and products designed and built in India and this year will be no different with our largest outlay on research and development yet, planned in 2023-24.
“This round will allow us to grow our product portfolio while expanding our footprint,” he added.
On Wednesday shares of Hero MotoCorp closed 0.02% up at Rs. 2,936.05 and GIC shares closed 1% up at Rs. 230.05 on NSE.
