Bangalore-based electric two-wheeler manufacturer Ather Energy has raised Rs 900 crore from existing investors Hero MotoCorp and Singapore-based investment fund GIC through a rights issue, the company said on Wednesday.
Hero MotoCorp will invest up to Rs 550 crore in the electric vehicle company, pursuant to completion of certain conditions, as per an exchange filing. The world’s largest two wheeler maker has an existing stake of 33.1% in Ather and said the fresh investment will raise its stake further. The extent of the new stake or the valuation were not disclosed, pending closure of the issue.
