The automaker on Monday said it is investing 550 crore in the Bengaluru based Ather, Hero MotoCorp said in a stock exchange filing. Hero MotoCorp already owns about 33.1% stake in Ather, which is raising capital through a rights issue.
VCCircle reported previously about Ather's plans to raise approximately $250 million in a primary infusion, with a significant secondary component at a valuation of about $1.3 billion. The capital was to support its expansion plans, including its manufacturing capacity for both battery and two-wheeler vehicle lines, besides new product research and development.
National Infrastructure Investment Fund (NIIF), one of the existing investors in the company, is likely to participate in the round.
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Denne historien er fra September 06, 2023-utgaven av Mint Mumbai.
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