India, July 15 -- Electric two-wheeler (E2W) maker Ather Energy's board has approved a fundraise of up to Rs.1,200 Cr via a preferential issue that will combine both equity shares and convertible warrants.

The fundraising comprises an allotment of equity shares at Rs.1,230 per share, along with the issuance of 79.36 Lakh convertible warrants priced at Rs.1,260 each. Each warrant is convertible into one equity share.

Promoter Hero MotoCorp will invest the greatest Rs.959.99 Cr to subscribe to 76.19 Lakh warrants. Cofounders Tarun Mehta and Swapnil Jain will invest Rs.20 Cr each to subscribe to 1.59 Lakh warrants apiece.

Meanwhile, India-Japan Fund, via National Investment and Infrastructure Fund (NIIF), will invest about Rs.200 Cr to la...