India, March 10 -- Going full throttle on its highly-anticipated initial public offering (IPO), electric two-wheeler maker Ather Energy has converted its outstanding compulsory convertible preference shares (CCPS) into equity shares.

As per regulatory filings accessed by Inc42, the company's board passed a resolution on March 8 to convert 1.73 Lakh outstanding CCPS into 24 Cr fully paid up equity shares.

The equity shares, having a face value of INR 1 each, will rank pari-passu with the existing equity shares of the company.

The resultant equity shares will be allotted to shareholders including Hero MotoCorp Limited, Internet Fund III, Caladium Investment Pte Ltd, Innoven Capital India Fund, among others.

It is pertinent to note that ...