Electric two-wheeler maker Ather Energy raised approximately ₹1,300 crore through a Qualified Institutional Placement (QIP), allotting 1.08 crore equity shares to investors. Shardul Amarchand Mangaldas & Co advised Ather Energy, while Trilegal advised the lead managers on this transaction — together, the two firms served as the principal Ather Energy QIP legal advisors on one of the most closely watched EV-sector capital markets deals of 2026.
Introduction
Ather Energy Limited successfully completed its Qualified Institutions Placement, raising ₹1,300 crore (specifically ₹1,299.99 crore) by allotting 1,08,15,307 equity shares at an issue price of ₹1,202 per share. The QIP opened on July 15 and closed on July 21, 2026, as confirmed in an exchange filing by the company.
Trilegal advised the lead managers on the QIP, namely, HSBC Securities and Capital Markets (India) Limited, Axis Capital Limited, Nomura Financial Advisory and Securities (India) Private, BofA Securities India Limited, Goldman Sachs (India) Securities Private Limited, Kotak Mahindra Capital Company Limited, Ambit Private Limited, Avendus Capital Private Limited, BNP Paribas, CLSA India Private Limited, Emkay Global Financial Services Limited, and Motilal Oswal Investment Advisors.
Deal Value
The allotment price of ₹1,202 per share reflects a premium of approximately 2.76% over the regulatory floor price of ₹1,169.70 per share. The fundraise forms part of Ather’s previously announced plan to raise up to ₹2,500 crore, which will be primarily used to repay or prepay borrowings, invest in R&D, and support marketing initiatives.
Legal Teams Involved
Shardul Amarchand Mangaldas & Co — Counsel to Ather Energy
Shardul Amarchand Mangaldas & Co advised Ather Energy on this QIP. The transaction team consisted of the following members:
- Prashant Gupta — National Practice Head – Capital Markets
- Ruth Chenchiah — Partner
- Rishika Sharma — Senior Associate
- Aditya Krishnan — Associate
Trilegal — Counsel to the Lead Managers
The Trilegal transaction was led by Vijay Parthasarathi (Partner), with support from the following team members:
- Vijay Parthasarathi — Partner
- Saurav Das — Counsel
- Vedansh Batwara — Senior Associate
- Prajna Kariappa — Senior Associate
- Jasmine Manekshaw — Associate
- Vansh Dhoka — Associate
- Pratik Basistha — Trainee Associate
Significance and Impact
The QIP was oversubscribed by more than eight times and saw participation from marquee institutional investors, including ADIA and affiliates of mutual funds and insurance companies such as ICICI Prudential Life Insurance, HDFC Life Insurance, LIC Mutual Fund, Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, and HSBC Mutual Fund, among others. The scale of oversubscription underscores the depth of institutional conviction in Ather’s long-term trajectory within the Indian EV market.
The fresh capital will be used by Ather to enhance research and development, increase manufacturing capacity, reinforce retail distribution channels, and reduce outstanding debts. This multi-pronged deployment strategy positions the company to simultaneously strengthen its technology pipeline, scale production, and improve its balance sheet.
Ather Energy, incorporated in 2013, is engaged in the design, development, and in-house assembly of electric scooters, battery packs, charging infrastructure, smart accessories, and supporting software systems — a vertically integrated model that has distinguished it from peers in the competitive E2W segment. The QIP’s success, attracting a diverse mix of domestic mutual funds, life insurers, and a sovereign wealth fund, signals broad institutional endorsement of that model.
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The Ather Energy ₹1,300 crore QIP stands as a landmark capital markets transaction in India’s electric vehicle sector in 2026. Shardul Amarchand Mangaldas & Co and Trilegal brought their established capital markets practices to bear on a deal that was more than eight times oversubscribed, reflecting strong institutional appetite for India’s EV growth story. The proceeds, directed toward R&D, manufacturing, distribution, and debt reduction, are set to meaningfully accelerate Ather’s competitive positioning in the years ahead.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
