Akshata Sharma
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Exclusive: Taking a major step towards its initial public offering (IPO), electric two-wheeler manufacturer Ather Energy's board passed a resolution last week, during its annual general meeting, to convert the startup into a public company from private.
Following this, the startup's name has changed to Ather Energy Ltd from Ather Energy Pvt Ltd earlier, its regulatory filings revealed.
Besides the conversion into a public entity, the startup is also increasing its authorised share capital to INR 50 Cr from INR 93.6 Lakh. It will also issue bonus shares to its shareholders and allot them 2.96 bonus equity shares for every share held.
Besides, Hero MotoCorp acquired an additional 2.2% stake in Ather Energy for INR 124 Cr. Hero MotoCorp bought this stake from Flipkart cofounder Binny Bansal, who exited the startup by selling his entire 7.5% stake. Bansal sold the remaining part of this stake to Zerodha cofounder Nikhil Kamath.
Hero MotorCorp now owns around 40% stake in the EV startup.
Founded in 2013 by Jain and Mehta, Ather Energy is one of the major players in the Indian electric two-wheeler market. Besides manufacturing and servicing electric two wheelers, the startup also operates its own charging infrastructure and is involved in storage, distribution and management of electric power and other ancillary services.
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