Hero MotoCorp Subscribes to Preferential Issue of Ather Energy Warrants
Hero MotoCorp Limited has committed funds to Ather Energy Limited through the subscription of convertible warrants in a preferential issue. This investment aligns with the company's broader strategic interest in the associate company, Ather.The subscription involved the allocation of 76,19,047 convertible warrants to Hero MotoCorp on a preferential basis. Each warrant is convertible into one equity share of Ather. The issue price for the warrants was set at INR 1,260 per warrant.
Hero MotoCorp paid a total subscription amount of INR 959,99,99,220 for the warrants.
The payment structure requires 25% of the issue price to be paid upfront, which the company completed. The initial payment amounted to INR 239,99,99,805. The remaining 75% of the purchase price will be payable by Hero MotoCorp upon the exercise of the warrants into equity shares of Ather at its option.
The investment underscores Hero MotoCorp's strategic positioning in the electric vehicle sector through its interest in Ather Energy Limited.
HEROMOTOCO Stock Price Movement
On Tuesday, Hero MotoCorp Limited shares shed 1.06%, settling at ₹5624.50 after a downward movement from its previous close. The stock recorded a traded volume of 432,456 as it closed for the day.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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