Hero MotoCorp Increases Ather Stake for Rs 124 Cr
By Rediff Money Desk, New Delhi Jun 06, 2024 20:50
Hero MotoCorp is acquiring an additional 2.2% stake in Ather Energy for Rs 124 crore, bringing its total stake to 41.9%. The investment aims to strengthen the partnership and support Ather's growth in the electric vehicle market.
New Delhi, Jun 6 (PTI) Hero MotoCorp on Thursday said it will acquire an additional 2.2 per cent stake in Ather Energy for Rs 124 crore.
Investment is being made in the form of purchase of additional shares from an existing shareholder of Ather Energy for acquisition of up to 2.2 per cent, Hero MotoCorp said in a regulatory filing.
The acquisition entails an investment of up to Rs 124 crore and is expected to be completed by July 31, 2024, it added.
Hero MotoCorp currently holds a 39.7 per cent stake in Ather Energy.
Bengaluru-based Ather Energy is engaged in designing, manufacturing, producing, selling, servicing, software development, and software management, in relation to electric automobiles and charging infrastructure.
The company is also engaged in storage, distribution, and management systems of electric power (including energy in the form of batteries) and other ancillary services.
Ather Energy posted Rs 1,753.8 crore revenue in FY24.
Investment is being made in the form of purchase of additional shares from an existing shareholder of Ather Energy for acquisition of up to 2.2 per cent, Hero MotoCorp said in a regulatory filing.
The acquisition entails an investment of up to Rs 124 crore and is expected to be completed by July 31, 2024, it added.
Hero MotoCorp currently holds a 39.7 per cent stake in Ather Energy.
Bengaluru-based Ather Energy is engaged in designing, manufacturing, producing, selling, servicing, software development, and software management, in relation to electric automobiles and charging infrastructure.
The company is also engaged in storage, distribution, and management systems of electric power (including energy in the form of batteries) and other ancillary services.
Ather Energy posted Rs 1,753.8 crore revenue in FY24.
Source: PTI
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.93 ( -4.87)
- 226206286
- IFL Enterprises
- 1.30 (+ 4.84)
- 81461564
- Vodafone Idea L
- 16.79 (+ 0.66)
- 67447398
- NCL Research
- 0.95 ( -4.04)
- 31996628
- Franklin Industries
- 3.73 (+ 3.32)
- 21511209
MORE NEWS
![Navi Mumbai...](https://im.rediff.com/80-80/money/2021/jun/10navi-mumbai-airport7.jpg)
Navi Mumbai Airport ILS Signal Testing Begins
The Airports Authority of India (AAI) has begun ILS signal testing at the...
![Air India VRS for...](https://im.rediff.com/80-80/money/2020/sep/09tata-vistara-3.jpg)
Air India VRS for Non-Flying Staff Ahead of...
Air India has announced a voluntary retirement scheme (VRS) and voluntary separation...
Fisher Groups Oppose WTO Fisheries Subsidy Talks
Small-scale fisher groups from India, Indonesia, and Bangladesh demand WTO keep...