India, Nov. 12 -- 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.

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