India's Hero MotoCorp on Thursday said it would buy additional shares of Ather Energy for up to 17.58 billion rupees ($184.01 million), raising its stake in the electric scooter maker to 32.8%.
The shares will be purchased from an existing Ather stakeholder, Hero said, without naming the seller.
Hero, the Bengaluru-based EV company's biggest shareholder, held a 29.88% stake as of August 25.
The announcement comes days after Ather allotted convertible warrants to Hero worth 9.60 billion rupees as part of a separate preferential issue.
India is seeing intensifying competition in its fast-growing electric two-wheeler market as established automakers and newer EV companies vie for market share.
Earlier this month, Ather reported a sharply narrower first-quarter loss helped by strong demand for its family-focused Rizta scooters.
