Ather Energy Announces Board Approval for Fund Raise of Up To INR 2,500 Crores
Ather Energy Ltd has confirmed plans to raise significant funds through the issuance of securities, following reports detailing negotiations and planned capital activities. The company announced that its Board of Directors approved raising up to INR 2,500 Crores in aggregate by issuing securities.The fundraising strategy includes a Qualified Institutions Placement (QIP) amounting up to INR 1,500 Crores. Additionally, the company has initiated a process to raise funds through the issuance of Equity shares via QIP. The Postal Ballot for this purpose is currently underway, aiming to secure an aggregate amount of up to INR 1,500 crores.
Ather Energy stated that all material events and information required regarding the proposed fundraise have been disclosed.
Financial Details of Proposed Fund Raise
The key components and targets of the planned capital raise are as follows:| Funding Mechanism | Maximum Amount |
|---|---|
| Total Securities Issuance (Board Approved) | INR 2,500 Crores |
| Qualified Institutions Placement (QIP) | Up to INR 1,500 Crores |
| Equity Share Issuance via Postal Ballot (QIP) | Up to INR 1,500 Crores |
In addressing media reports regarding its planned capital raise, the company confirmed that negotiations and events related to fundraising are taking place. Furthermore, Ather Energy stated it was unaware of any information that has not been previously announced which could explain trading movements of its equity shares. The company also noted it was not aware of the material impact of the mentioned article on its business, operations, or financial position.
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