The shares of electric two-wheeler maker Ather Energy rose by over 7% on Friday in response to the news about Hero MotoCorp increasing its stake in the company.
Ather Energy share price was trading at Rs 1603.10 on Friday, at the time of writing this article, against Thursday’s close of Rs 1495.30.
Hero MotoCorp on Thursday informed the stock exchanges on Thursday that it would invest up to Rs 1,758 crore to acquire additional shares in Ather Energy from an existing shareholder from an existing shareholder through cash transaction.
Hero MotoCorp is an existing shareholder in Ather Energy and this transaction take its ownership to 32.8%.
Ather Energy is one of the new age EV makers along with Ola Electric, Simple Energy among others.
