Ola Electric Mobility Ltd announced that promoter Bhavish Aggarwal has pledged a 4.32% stake in the company to fund his subscription to a ₹1,000 crore rights issue, the company said on Sunday. The pledge is solely to cover the subscription cost and there are no other pledges on his securities at present.
The rights issue, approved by the board last month, will raise up to ₹1,000 crore, subject to regulatory and statutory approvals. Shares will have a ₹10 face value, but the issue price, rights entitlement ratio, record date, timing and payment terms are yet to be decided by the board.
This move follows a June qualified institutional placement that raised ₹780 crore from institutional investors, oversubscribed by 56%. The QIP attracted long‑term investors such as Goldman Sachs, BNP Climate Fund, and Indian mutual funds including Motilal Oswal, Mirae Asset, Kotak Mahindra, JM Financial and Baroda BNP Paribas.
On Thursday, Ola Electric shares closed at ₹37.09, up ₹0.14 or 0.38% on the BSE, reflecting market optimism as the rights issue moves closer to launch.
The board will disclose detailed terms later; the share price movement may signal investor appetite for the upcoming issue. Analysts are watching for the record date and pricing that could affect valuation.
Looking ahead, the company aims to complete the rights issue before year‑end, balancing capital infusion against dilution, and the board is expected to announce the record date in the coming weeks.