 "Hero MotoCorp to acquire additional 2.2% stake in Ather for Rs 124 cr")
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.