Shardul Amarchand Mangaldas, Trilegal act on Ather Energy ₹1,300 crore QIP

Ather Energy Limited has raised ₹1,300 crore from a Qualified Institutional Placement of the equity shares comprised of allotment of 1,08,15,307 equity shares.

Shardul Amarchand Mangaldas & Co advised Ather Energy on this QIP.

The transaction team consisted of Prashant Gupta (National Practice Head – Capital Markets), Ruth Chenchiah (Partner), Rishika Sharma (Senior Associate) and Aditya Krishnan (Associate).

Trilegal advised the lead managers, namely, 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, Ambit Private Limited, Avendus Capital Private Limited, BNP Paribas, CLSA India Private Limited, Emkay Global Financial Services Limited, and Motilal Oswal Investment Advisors, on this QIP.

The transaction was led by Vijay Parthasarathi (Partner), with support from Saurav Das (Counsel), Vedansh Batwara (Senior Associate), Prajna Kariappa (Senior Associate), Associates Jasmine Manekshaw, Vansh Dhoka, and Pratik Basistha (Trainee Associate).

Ather is one of India's leading electric two-wheeler (E2W) manufacturers.

The QIP was oversubscribed by more than eight times and saw participation from marquee institutional investors, including ADIA and affiliates of 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, among others.

The fresh capital will be used by Ather to enhance research and development, increase manufacturing capacity, reinforce retail distribution channels, and reduce outstanding debts.

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