India's Hero MotoCorp to increase stake in Ather with $184 million share purchase (updated)
UPDATE 1-India's Hero MotoCorp to increase stake in Ather with $184 million share purchase Adds details throughout
BENGALURU, Aug 27 (Reuters) - India's Hero MotoCorp HROM.NS on Thursday said it would buy additional shares of Ather Energy ATHR.NS for up to 17.58 billion rupees ($184.01 million), raising its stake in the electric scooter maker to 32.8%.
The shares will be purchased from an existing Ather stakeholder, Hero said, without naming the seller.
Hero, the Bengaluru-based EV company's biggest shareholder, held a 29.88% stake as of August 25.
The announcement comes days after Ather allotted convertible warrants to Hero worth 9.60 billion rupees as part of a separate preferential issue.
India is seeing intensifying competition in its fast-growing electric two-wheeler market as established automakers and newer EV companies vie for market share.
Earlier this month, Ather reported a sharply narrower first-quarter loss helped by strong demand for its family-focused Rizta scooters.
($1 = 95.5400 Indian rupees)
(Reporting by Nishit Navin; Editing by Jonathan Ananda)
Recent news on Hero Motocorp
See all newsIndia's auto stocks index eyes 10th weekly loss in 11 on festive demand worries, elevated oil
Brief: India Auto Industry Body SIAM Says India's September Total Domestic Passenger Vehicle Sales 4,54,574 Units
India's Hero Motors rebounds after weak debut, valued at over $400 million (updated)
India's Hero Motors debuts lower after $104 million IPO
Brief: India Auto Industry Body SIAM Says India's Aug Total Domestic Passenger Vehicle Sales 4,39,309 Units