Hero MotoCorp has increased its stake in electric two-wheeler maker Ather Energy to around 32.8% by acquiring shares from GIC, the sovereign wealth fund of Singapore.
As per bulk deal data, Hero MotoCorp acquired 1.19 crore Ather shares from Government of Singapore (GIC) at Rs 1,480 apiece on August 28 on NSE, valuing the transaction at around Rs 1,758.24 crore.
The acquisition will take Hero MotoCorp's holding in Ather from 29.88% to 32.8% on a fully diluted basis.
Ather is already an associate company of Hero MotoCorp and operates in the electric two-wheeler and charging infrastructure space. The company reported a turnover of Rs 3,671.76 crore in FY26, compared with Rs 2,255 crore in FY25 and Rs 1,753.8 crore in FY24.
Hero MotoCorp said the acquisition does not require any governmental or regulatory approvals.
Ather Energy recently raised Rs 1,200 crore through a preferential issue, with Hero MotoCorp investing nearly Rs 960 crore and the India-Japan Fund (IJF) investing Rs 200 crore. Co-founders Tarun Mehta and Swapnil Jain also invested Rs 20 crore each. Hero MotoCorp has been steadily increasing its investment in Ather, with the latest transaction marking another such investment.
According to Vahan data, Ather Energy retained the third position with 28,819 registrations and a 14.89% market share in July. The company recorded an 8.3% month-on-month decline, with 2,616 fewer registrations than in June.
Following the latest deal, Ather's shares closed 8% higher at Rs 1,616.3, taking its market capitalization to Rs 63,762 crore, or around $6.7 billion.