Sachin Bansal exits Ather Energy selling remaining stake to Hero MotoCorp, Nikhil Kamath
electric scooter maker Ather Energy. He sold a 2.2% stake to two-wheeler major Hero MotoCorp for Rs 124 crore, and the rest to Zerodha cofounder Nikhil Kamath. ET first reported on April 23 that Bansal was in talks to exit the EV maker.
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One of the first investors in Ather, Bansal had pumped in around Rs 400 crore over the years, starting from 2014. Bansal has already sold a part of his stake to Kamath, the ET report said. Flipkart cofounder Binny Bansal is also an investor in the company with a 1% stake.
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Offering CollegeCourseWebsiteMIT xPROMIT Technology Leadership and InnovationVisitIIT DelhiCertificate Programme in Data Science & Machine LearningVisitIndian School of BusinessISB Product ManagementVisitHero MotoCorp bought the latest stake at an inferred valuation of Rs 5,636 crore, a premium to the Rs 4,666-crore valuation at which it had invested Rs 140 crore in Ather in December last year.
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At the latest inferred valuation, the remaining 5% stake that Bansal sold to Kamath would be worth about Rs 282 crore. While Hero MotoCorp made a regulatory filing with the BSE on the additional share purchase, it did not name the investor it bought the stake from.
Spokespersons for Hero MotoCorp, Ather, and Bansal did not respond to ET’s email query on concluding the share
