Ather Energy
Ather Energy shares gain 10% after Hero MotoCorp's ₹1,758 crore investment
Ather Energy shares rose nearly 10% on Friday, 28 August, following Hero MotoCorp's announcement of an investment of up to ₹1,758 crore in the electric two-wheeler maker. The investment is expected to increase Hero MotoCorp's stake in Ather Energy from 29.88% to around 32.8% on a fully diluted basis, with completion likely by 3 September.
Hero MotoCorp stated in its regulatory filing that the transaction does not qualify as a related-party transaction and requires no government or regulatory approvals. The move further strengthens Hero MotoCorp's position in India's growing electric two-wheeler segment.
Ather Energy is engaged in the design, manufacturing, sale and servicing of electric scooters and operates its own charging network. The company also has operations in electricity storage, distribution and management, including battery-based energy services.
On 14 August, Ather Energy's shareholders approved a ₹1,200 crore preferential issue, with 97.72% voting in favour. Combined with a recent ₹1,300 crore qualified institutional placement, the company has raised around ₹2,500 crore in total capital. The funds will be used to expand manufacturing capacity, enhance product and technology capabilities, and improve the balance sheet.
On the BSE, Ather Energy's share price opened at ₹1,526.65, reached an intraday high of ₹1,618.50 and a low of ₹1,525. Technical analysts noted the stock had closed higher for three consecutive sessions, broken out of a consolidation range and traded above its 20-day and 50-day EMAs, with rising volumes supporting the uptrend.
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