Ather Energy Limited has successfully secured ₹1,300 crore through a Qualified Institutional Placement (QIP) involving the allotment of 1,08,15,307 equity shares. The legal advisory for Ather Energy in this substantial transaction was provided by Shardul Amarchand Mangaldas & Co.
Legal Counsel for Ather Energy
The team from Shardul Amarchand Mangaldas & Co. was led by Prashant Gupta, the National Practice Head of Capital Markets, and included Ruth Chenchiah, Partner; Rishika Sharma, Senior Associate; and Aditya Krishnan, Associate.
Advisory for Lead Managers
Trilegal served as the legal advisor to the lead managers of the QIP, which included prominent financial institutions such as HSBC Securities and Capital Markets (India) Limited, Axis Capital Limited, Nomura Financial Advisory and Securities (India) Private, BofA Securities India Limited, Goldman Sachs (India) Securities Private Limited, Kotak Mahindra Capital Company Limited, among others. The Trilegal team was helmed by Partner Vijay Parthasarathi and supported by Saurav Das, Counsel; Vedansh Batwara, Senior Associate; Prajna Kariappa, Senior Associate; as well as Associates Jasmine Manekshaw, Vansh Dhoka, and Pratik Basistha, Trainee Associate.
Ather Energy’s Strategic Use of Funds
Ather Energy, a leading player in India’s electric two-wheeler (E2W) market, experienced an overwhelming response to its QIP, which was oversubscribed by more than eight times. The placement attracted interest from distinguished institutional investors, including the Abu Dhabi Investment Authority (ADIA) and affiliates of major mutual funds and insurance companies such as ICICI Prudential Life Insurance, HDFC Life Insurance, LIC Mutual Fund, Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, and HSBC Mutual Fund.
The funds raised will be strategically utilized by Ather Energy to bolster their research and development efforts, expand manufacturing capabilities, strengthen retail distribution networks, and manage existing debt obligations effectively.
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