Ather Energy raised Rs 1,300 crore through a qualified institutional placement (QIP), allotting shares at Rs 1,202 apiece, the company announced. The fundraise took place recently and aims to support the electric vehicle maker's growth plans, according to economictimes.indiatimes.com.
The QIP process involved issuing new shares to institutional investors at the fixed price of Rs 1,202 each. This allotment was completed as part of Ather Energy's strategy to bolster its capital base. The company did not disclose the names of the investors involved but confirmed the total amount raised and share price in its filing.
This capital infusion comes amid a growing electric vehicle market in India, where companies are scaling up production and expanding infrastructure. Ather Energy's Rs 1,300 crore raise is among the larger funding rounds in the EV sector this year, reflecting investor confidence in the company's technology and market position. The move aligns with broader trends of increased funding in clean mobility startups.
Ather Energy's share allotment at Rs 1,202 per share sets a benchmark for its valuation in the current market. The company is expected to use the proceeds to enhance manufacturing capacity and accelerate product development. The QIP allotment details were disclosed in the company's official filing on July 20.