ATHERENERGNSEAther Energy LimitedLowNeutral
Announced Mon, 18 Aug · 18:38 IST

In continuation to our letter dated July 18, 2025, regarding the Postal Ballot Notice for seeking approval of the Members of the Company for the business as set out in the Postal Ballot Notice dated July 17, 2025, please note that Mr. Pramod S M, Partner of BMP & Co. LLP, Practicing Company Secretaries, who was appointed as the Scrutinizer, has submitted his report on August 18, 2025. The resolutions as set out in the Postal Ballot Notice have been passed by the members with the requisite majority, through postal ballot by e-voting process.Pursuant to Regulation 44(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the voting results along with the Scrutinizer s Report on e-voting in respect of above resolutions is attached.

Board & Shareholder Meetings View source PDF

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Price reaction · full curve

Awaiting price reaction for this filing.

AI summary

Ather Energy shareholders approved two resolutions through postal ballot (remote e-voting from July 19 to August 17, 2025), with 91.18% of outstanding shares participating. Resolution 1 (Ordinary) reclassifies authorized share capital by converting compulsorily convertible preference shares (CCPS) into equity shares and amends the Capital Clause of the Memorandum of Association — passed with 99.9989% in favor (339.6 million votes for, just 3,746 against). Resolution 2 (Special) approves the Amended and Restated Ather Energy ESOP Plan 2025 — passed with 87.64% in favor (297.7 million votes for) but saw notable dissent of 12.36% (~42 million votes against). Promoter group voted 100% in favor on both, while public institutional investors were the main dissenters on the ESOP plan, with 25.29% voting against (nearly 42 million shares).

Likely market impact

The CCPS-to-equity reclassification simplifies the company's capital structure and may convert preferred shareholders into equity holders, which could dilute existing equity shareholders depending on conversion terms. The new ESOP plan, while approved, faced meaningful institutional pushback (~25% of institutional votes against), signaling some investor concern about further stock-based dilution to existing shareholders going forward.