"Pursuant to the terms of securities as approved by the Board and shareholders, only 25 per cent (twenty five percent) of the Warrant Issue Price were to be paid at the time of subscription of the Warrants, and the remaining amount, being 75 per cent (seventy five percent) of the Warrant Issue Price, shall be payable by the Warrant holder at the time of conversion of each Warrant, which may be converted at the option of the Warrant holder, within a period of 18 (eighteen) months from the date of allotment of such Warrants, in one or more tranches," Ather Energy said.

On Ather's recent Q1 results, HDFC Institutional Equities said the company continued to impress with its move toward profitability, inching even closer, despite the commodity headwinds and lack of PLI
benefit. "We believe this has been possible due to management’s deep focus on profitability leading to an improving cost structure, and value engineering benefits on the back of its R&D prowess. The upcoming capacity and launch of the EL platform (for lower priced products) coinciding with improving customer sentiment toward EVs should lead to another inflection point, which will receive support from the recently ramped-up dealer base," it said.