Ather Energy to raise INR 1,200 Cr via preferential issue

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ATHERENERG · price

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AI summary

Ather Energy board approved raising up to INR 1,200 Crores via preferential issue. This includes 16.26 lakh equity shares at INR 1,230 each (about INR 200 Cr) to India-Japan Fund (a QIB and existing investor), and 79.36 lakh convertible warrants at INR 1,260 each (about INR 1,000 Cr) to promoter Hero MotoCorp and co-founders Tarun Mehta and Swapnil Jain. Warrants need 25% upfront payment with 18-month conversion window. EGM will be called for shareholder approval.

Likely market impact

Capital infusion to strengthen balance sheet. Hero MotoCorp promoter stake rises to 30.68%. Minor dilution. Subject to shareholder approval.