Ola Electric promoter Bhavish Aggarwal pledges 4.32 pc stake to fund Rs 1,000-cr rights issue

Mumbai (Maharashtra) [India], October 5 (ANI): Ola Electric promoter Bhavish Aggarwal has pledged a 4.32 per cent stake in the company to fund his participation in its proposed rights issue of up to Rs 1,000 crore, the company said in an exchange filing on Sunday.
The company said the pledge is being made solely to fund Aggarwal's subscription to the rights issue and that no shares are being sold as part of the transaction.
“Ola Electric promoter Bhavish Aggarwal has pledged 4.32% stake in the company, to participate in the rights issue approved by the Board as disclosed in the Draft Letter of Offer filed on 28 September 2026,” the company said.
It added that there are currently no other pledges on Aggarwal's securities and that the promoter would participate in the issue on the same terms as other shareholders.
“This pledge is solely to fund his subscription to the issue and there are no other pledges to his securities currently; no shares are being sold,” the company said, adding that “the promoter will invest alongside all other shareholders on the same terms.”
The development comes after Ola Electric's board approved a rights issue of partly paid-up equity shares for an amount not exceeding Rs 1,000 crore on September 28, subject to regulatory and statutory approvals. The specific rights issue price, entitlement ratio, record date, timing and payment terms are yet to be determined by the board.
The proposed issue will be open to eligible equity shareholders as on a record date that will be determined and notified subsequently. The company said the total number of shares to be issued will also be decided by the board.
Aggarwal's pledge therefore allows him to participate in the planned fund-raising alongside other eligible shareholders, while the company moves towards determining the detailed terms of the issue.
The proposed rights issue will now move towards finalisation of its key terms, including the issue price, entitlement ratio and record date, which Ola Electric said will be disclosed in due course. (ANI)