NIIF sells 2.28% stake in EV maker Ather Energy for Rs 541 crore

National Investment and Infrastructure Fund has sold nearly half its shareholding in Ather Energy, reducing its stake by 2.28% through open-market block deals on November 13.

NIIF offloaded 87 lakh shares at an average price of Rs 622.35 each, amounting to Rs 541 crore.

As of the September quarter, the sovereign wealth fund held 1.77 crore shares, representing 4.7% of Ather’s paid-up capital.

The block sale saw strong demand from institutional investors. Motilal Oswal Mutual Fund bought shares worth Rs 150 crore, while Invesco Mutual Fund picked up Rs 120 crore. Param Capital invested Rs 99.6 crore and Société Générale acquired Rs 62 crore. Edelweiss Mutual Fund purchased Rs 50 crore. Ashoka WhiteOak ICAV and India Acorn ICAV invested Rs 25 crore each, and Ghisallo Master Fund LP bought Rs 10 crore worth of shares.

Block deal data from the NSE showed that NIIF sold the shares in two tranches. Ghisallo purchased 1.62 lakh shares and Société Générale bought 9.94 lakh shares in separate transactions.

The share sale came a week after Tiger Global exited Ather Energy completely, generating Rs 1,204 crore and marking a reported 16X return on its investment.

Operationally, Ather Energy regained growth momentum in October after a flat September. The company reported 28,061 registrations for the month, a 53 percent rise, securing a 19.53% share of the electric two-wheeler market.

Financially, Ather has continued to strengthen its quarterly performance. The company posted revenue of Rs 899 crore in Q2 FY26, up from Rs 583 crore in the same quarter last year. On a standalone basis, Ather reported Rs 941 crore in revenue for the September quarter, marking a 57% increase year-on-year, while losses improved to Rs 154 crore from Rs 197 crore.