The move is part of the company’s preparation for its IPO, expected to be launched in April, according to merchant banking sources.
According to a Registrar of Companies (RoC) filing accessed by PTI, the company’s board passed a resolution on March 8, 2025, approving the conversion of over 17.3 million outstanding CCPS into 240.4 million fully paid-up equity shares.
The shares, with a face value of ₹1 each, will rank pari passu with the existing equity shares.
The converted CCPS include multiple series issued over time, such as Series Seed (One to Four), Series A to G, and additional Series like Bonus CCPS and various E classes (E, E1, E2).
As per Sebi Issue of Capital and Disclosure Requirements (ICDR) regulations, all CCPS must be converted into equity before filing the Red Herring Prospectus (RHP).
This move signals that Ather Energy is progressing rapidly toward its IPO, which could be among the first to launch in FY26.
Ather filed draft papers in September last year to raise funds to set up an electric two-wheeler factory in Maharashtra and debt reduction.
The IPO will be a combination of a fresh issue of equity shares worth ₹3,100 crore and an offer-for-sale of 22 million equity shares by promoters and investors, according to the Draft Red Herring Prospectus (DRHP).
This will be the second electric two-wheeler company looking to go public after Ola Electric Mobility floated the ₹6,145-crore IPO in August last year. This was also the first issue by an automaker in the country in more than 20 years.
Ola Electric’s IPO had a fresh issue of up to ₹5,500 crore and an OFS of up to 84.9 million equity shares.
Apart from its IPO plans, Ather Energy has also been expanding its research and development capabilities.
Recently, the company announced the expansion of its R&D and testing capabilities at its product testing & validation centre – The Juggernaut in Bengaluru’s Begur.
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