Ather Energy Block Deal: Motilal Oswal, Societe Generale, Invesco MF Among Buyers
National Investment and Infrastructure Fund (NIIF) offloaded 87 lakh Ather Energy shares at Rs 622.35 apiece, aggregating to Rs 542 crore.
French investment bank Societe Generale and several prominent Indian mutual funds bought Ather Energy Ltd. shares via large deals on Thursday, after an existing large investor trimmed its stake.
Government-backed National Investment and Infrastructure Fund (NIIF) offloaded 87 lakh shares at Rs 622.35 apiece, aggregating to Rs 542 crore, as per NSE data. NIIF had offered nearly 89 lakh shares, or 2.34% equity, at Rs 620 apiece before the deal window closed.
Motilal Oswal Mutual Fund mopped up shares worth Rs 70 crore. Societe Generale bought Rs 62 crore, Invesco Mutual Fund purchased Rs 60 crore and Edelweiss Mutual Fund acquired equity worth Rs 50 crore.
NIIF held a 4.67% stake as of September. An affiliate, India Japan Fund, owns another 5.91%.
The NIIF was set up to attract long-term capital for infrastructure development in India. It invests in commercially viable projects, both greenfield and brownfield, and manages multiple funds that cater to different sectors like sustainable infrastructure, private equity, and climate investments.
NIIF is managed by National Investment and Infrastructure Fund Ltd. and operates as a collaborative investment platform for international and Indian investors.
Ather Energy is a Bengaluru-based electric two-wheeler maker that competes with the likes of Ola Electric Mobility Ltd., TVS Motor Ltd. and Bajaj Auto Ltd.
The company jumped to third spot with 17.2% market share in September compared to 14.3% in the same month last year. Ather continued to gain market share with a strong network base, superior product quality and better after-sales services.
The company's loss narrowed in the September quarter to Rs 154 crore, from Rs 197 crore last year. Revenue rose 54% to Rs 900 crore. On an operating level, the company was in the loss.
Ather Energy shares settled 0.9% higher at Rs 639.15 apiece on the NSE, compared to a flat benchmark Nifty 50. The stock has risen 108% since its debut on Dalal Street in May.
