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Bhavish Aggarwal Pledges Ola Electric Stake to Fund Rights Issue Subscription
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CNBC TV18•04-10-2026, 21:01
Bhavish Aggarwal Pledges Ola Electric Stake to Fund Rights Issue Subscription
- •Ola Electric Mobility Ltd promoter Bhavish Aggarwal has pledged a 4.32% stake in the company to participate in the rights issue.
- •The pledge is solely to fund Aggarwal’s subscription to the rights issue, with no other pledges on his securities and no shares being sold.
- •Aggarwal will invest in the rights issue alongside all other shareholders on the same terms.
- •Ola Electric Mobility’s board approved a rights issue to raise up to ’1,000 crore, with details like issue price and record date yet to be announced.
- •This fundraise follows a ’780 crore qualified institutional placement (QIP) in June, which was oversubscribed by 56% and attracted major institutional investors.
Key Questions Answered
Promoter Bhavish Aggarwal pledged a 4.32% stake in Ola Electric strictly to fund his subscription to the company's approved rights issue. He will invest in the rights issue alongside other shareholders on identical terms.
Ola Electric Mobility's board approved a rights issue of partly paid-up equity shares with a face value of ₹10 each to raise up to ₹1,000 crore. The final issue price, rights entitlement ratio, record date, timing, and payment terms will be determined by the board later.
Ola Electric raised ₹780 crore through a qualified institutional placement (QIP) in June, which was oversubscribed by 56%. The QIP drew participation from long-term institutional investors and major Indian mutual funds.
