Ather Energy, an electric two-wheeler manufacturer, has converted 173,000 compulsory convertible preference shares (CCPS) into 240 million fully paid equity shares.

The company’s board approved this conversion on Mar. 8.

The new equity shares, which have a face value of 1 rupees (US$0.0115) each, will rank equally with existing shares.

Current shareholders, including Hero MotoCorp Limited, Internet Fund III, Caladium Investment Pte Ltd, and Innoven Capital India Fund, will receive these shares.

Ather Energy received approval for its draft red herring prospectus (DRHP) earlier this year.

It is expected to launch its IPO by April 2025, aiming for a valuation of around US$2.5 billion.

Recent Ather Energy developments