Hero MotoCorp has increased its stake in Ather Energy, an electric vehicle manufacturer, by an additional 3%, investing nearly Rs 140 crore. This move brings Hero MotoCorp’s total stake in Ather Energy to 39.7%.
The investment was made by purchasing additional shares from existing Ather Energy shareholders. Ather Energy had recently raised Rs 900 crore through a rights issue with Hero MotoCorp and global investment firm GIC in September.
Despite robust sales, Ather Energy reported a significant increase in losses for the fiscal year 2022-23, reaching Rs 864.5 crore, compared to Rs 344.1 crore in the previous fiscal year. The company is reportedly preparing for an IPO by the end of 2024 or early 2025.
