State-Backed NIIF To Offload 2.3% Stake In Ather For INR 551 Cr

Days after Tiger Global exited Ather Energy, investor and state-backed National Investment and Infrastructure Fund (NIIF) now reportedly plans to dilute its stake worth INR 551 Cr in the electric vehicle (EV) maker via open-market transactions.

As per a termsheet seen by NDTV Profit, NIIF plans to offload nearly 89 Lakh shares, or 2.34% shareholding, at INR 620 apiece. This represents a discount of 1.4% compared to the stock’s closing price of INR 629.05 on the BSE yesterday.

HSBC Securities and Axis Capital are said to be the merchant bankers for the deal.

As per NSE data, NIIF held a 4.67% stake, or 1.77 Cr shares, in the EV maker at the end of September 2025. The stake is currently valued at INR 1,118 Cr.

This comes days after early backer Tiger Global sold its entire 5.09% stake in the EV company for INR 1,204 Cr via multiple bulk deals.

The development comes as Ather Energy surpassed Ola Electric in terms of number of EV registrations last month. As per the Vahan data, the EV maker recorded a 46% jump in its E2W registrations in October to 26,713 registrations compared to 18,295 in September.

On the financial front, Ather Energy managed to trim its net loss by 22% to INR 154.1 Cr in the second quarter (Q2) of the fiscal year 2025-26 (FY26) from INR 197.2 Cr in the same quarter last fiscal. Meanwhile, the company’s operating revenue jumped 54% YoY and 40% QoQ to INR 898.8 Cr.

On the back of improving financial standing and rising sales, Ather’s stock has been on an upward curve. Shares of the company have surged nearly 57% in the last three months and 5.7% in the past month.

Founded in 2013 by Swapnil Jain and Tarun Mehta, Ather is an EV manufacturer. It currently operates two manufacturing facilities in Hosur, Tamil Nadu, one each for vehicle assembly and battery production. The Hosur facility has a manufacturing capacity of 4.2 Lakh scooters a year.

To meet growing demand, Ather is setting up its third manufacturing facility in Chhatrapati Sambhajinagar in Maharashtra.

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