Electric two-wheeler maker Ather Energy allots 4.3 lakh shares under Esop plan

Ather Energy has allotted 433,842 equity shares to employees following the exercise of stock options, the electric scooter maker said in a stock exchange filing on Monday.

The Bengaluru-based company’s board approved the allotment through a circular resolution passed on December 29, under the Ather Energy Employee Stock Ownership Plan, 2025.


Following the issuance, Ather Energy’s paid-up share capital increased to Rs 38.18 crore from Rs 38.14 crore.

The company did not disclose the exercise price of the options or the number of employees covered under the allotment. At Monday’s closing price of Rs 717.7 on the BSE, the newly issued shares have a market value of about Rs 31.1 crore.

The filing said the new shares will rank ‘pari-passu’, meaning they will have the same rights as existing shares, including voting rights and dividends.

Employee stock option exercises result in marginal dilution for existing shareholders, but are commonly utilised by startups and new-age companies to retain and incentivise senior management and employees.

In September, Ather announced that it had issued fresh employee stock options totalling 1.27 million shares under its 2025 plan.

Ather Energy is the third-largest electric two-wheeler manufacturer in the country by market share. In 2025, it sold close to 200,000 scooters, capturing about 16.2% market share, behind TVS Motor and Bajaj Auto.

For the September quarter, the company reported a 54% year-on-year increase in operating revenue to Rs 898.9 crore, while its net loss narrowed to Rs 154.1 crore, compared with Rs 197.2 crore in the year-ago period.