National Investment and Infrastructure Fund II (NIIF II) has completed the divestment of its entire shareholding in Ather Energy Limited through a block sale transaction executed on February 11, 2026. The transaction represents a complete exit by the infrastructure-focused fund from the electric vehicle manufacturer.

Transaction Details

The fund disposed of 73,33,219 equity shares through an on-market block sale, representing 1.92% of Ather Energy's total share capital and 1.88% of the company's diluted share capital. The disclosure was made under Regulation 29(2) of SEBI's Substantial Acquisition of Shares and Takeovers Regulations, 2011.

Holdings Structure Before and After Transaction

Prior to the transaction, NIIF II held 73,33,219 shares representing 1.92% of Ather Energy's total share capital. The fund operated in concert with India-Japan Fund, which maintained a separate holding of 2,24,65,447 shares (5.88% of total share capital). Combined, both entities held 2,97,98,666 shares, representing 7.80% of the company's total share capital.

Company Capital Structure

Ather Energy's equity share capital remained unchanged following the transaction, with 38,18,41,151 equity shares of face value ₹1 each representing the total voting capital. The company's diluted share capital, accounting for outstanding convertible securities and warrants, stands at 38,97,57,522 shares as of December 31, 2025.

Regulatory Compliance

The transaction disclosure was submitted to both BSE Limited (Scrip Code: 544397) and National Stock Exchange of India Limited (Symbol: ATHERENERG), where Ather Energy's shares are listed. NIIF II confirmed that neither the fund nor its person acting in concert belongs to the promoter or promoter group of Ather Energy. The disclosure was signed by Nilesch Shrivastava, Fund Head, acting on behalf of NIIF II through its investment manager National Investment and Infrastructure Fund Limited.

Following this divestment, India-Japan Fund remains the sole entity among the previous concert party arrangement to maintain shareholding in the electric vehicle manufacturer, retaining its 5.88% stake in the company.

Ather Energy has announced the upcoming launch of its new 'EL' electric vehicle platform, with the rollout scheduled for later this year. The announcement was made by the company's Co-CEO, highlighting the strategic importance of this new platform in the company's expansion plans and its expected impact on profitability.

New Platform Launch and Financial Impact

The 'EL' electric vehicle platform represents a key development in Ather Energy's product portfolio with significant margin implications. The company anticipates that the EL platform will boost margins despite possible cannibalization of current products, as it enables higher profit per unit.

Financial Guidance and EBITDA Considerations

The company has maintained its position of not providing specific guidance on the monthly volume needed for EBITDA breakeven. This approach reflects the company's cautious stance on financial projections while focusing on strategic product development and market expansion.

Market Expansion Strategy

The launch of the 'EL' platform is directly tied to Ather Energy's strategic focus on expanding its presence in North Indian markets. This expansion initiative demonstrates the company's commitment to broadening its geographical reach beyond its current operational areas.

The timing of this announcement reflects the company's confidence in its product development capabilities and market positioning strategy. The new platform is expected to play a crucial role in establishing stronger market presence in the targeted northern regions while enhancing overall profitability through improved unit economics.