Ather exit enables NIIF to turn Rs 375 Cr into Rs 1,167 Cr in just 3 years

National Investment and Infrastructure Fund (NIIF) has almost completely cashed out of electric two-wheeler maker Ather Energy, and it’s walking away with a handsome 3X-plus return in just three years.

As per Ather’s red herring prospectus, NIIF had backed the Bengaluru-based EV maker in 2022, investing Rs 374.5 crore during its Series E round. The fund picked up 76,546 preference shares at an issue price of Rs 48,926 per share.

Ahead of Ather’s public listing, the company went through a pre-IPO restructuring, issuing bonus shares in the ratio of…