Electric vehicle (EV) company Ather Energy recently passed a resolution to convert the start-up from a private to a public company. The decision was taken at the annual general meeting of the company that was held last week. This is as per a report by Inc42. From Ather Energy Private Limited, the start-up’s name has changed to Ather Energy Limited. Additionally, the authorized share capital of the company has also increased from Rs 93.6 lakh to Rs 50 crore. These developments follow reports from several months ago that the electric vehicle (EV) start-up had enlisted HSBC Holdings Plc, Nomura Holdings Inc., and JP Morgan Chase & Co. to manage its initial public offering (IPO). Ather Energy was reportedly aiming for a listing in the second half of 2024 with a projected valuation of approximately $2 billion. Read: Indian E-Two Wheelers Better than Global Counterparts, says Ather Energy Co-FounderThrough a mix of debt and equity, the company also raised Rs 286 crore last month from its cofounders and Stride Ventures, as reported by Inc42. The co-founders of the company, Tarun Mehta and Swapnial Jain, reportedly invested Rs 43.28 crore in the company, while Stride Ventures invested around Rs 200 crore via debentures.
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