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 unveiled an ambitious retail expansion strategy, planning to launch 700 stores across the country during the current fiscal year. This significant expansion represents a major step in the electric vehicle manufacturer's growth trajectory and market penetration efforts.

Aggressive Retail Expansion Strategy

The company's plan to establish 700 new stores nationwide demonstrates its commitment to enhancing customer accessibility and strengthening its retail network. This expansion initiative is expected to significantly boost the company's market presence across various regions.

Financial Performance Targets

Ather Energy is targeting substantial improvements in its financial metrics, particularly focusing on EBITDA enhancement. The company aims to achieve a remarkable 1,400 basis points improvement in EBITDA during Q1-Q3 FY26.

Strategic Growth Focus

The planned store expansion aligns with the company's broader strategy to capture a larger share of the growing electric vehicle market. By increasing its physical retail presence, Ather Energy aims to improve customer experience and drive sales growth across multiple markets.

The targeted EBITDA improvement of 1,400 basis points for the first three quarters of FY26 surpasses the 1,300 basis points improvement achieved for the entire FY25, indicating the company's confidence in its operational efficiency and market strategy.