Ola Electric Rights Issue: Bhavish Aggarwal to Invest Alongside Shareholders After Pledging Shares
Bhavish Aggarwal, the promoter of Ola Electric Mobility Limited, has pledged 4.32 percent of his shares in the company to participate in the rights issue approved by the board. This was announced by the company on Sunday, October 4.
The company informed that the pledging is done only to raise funds for Aggarwal’s participation in the rights issue, as informed in the draft letter of offer, filed on September 28. Additionally, the company said there are no other pledges against its securities, and no sale of any shares.
In a press release, it is said that Agarwal will invest in the rights issue on par with all other shareholders. In the last month, the board of directors of Ola Electric Mobility had approved the rights issue of partially paid equity shares to raise up to ₹1,000 crore, subject to necessary regulatory and legal clearances. The issue will be open to eligible shareholders as of the record date, which will be announced later.
The company stated that each share will have a face value of ₹10. However, the board is yet to decide on key details such as the issue price, rights entitlement ratio, record date, timing, and payment terms. Ola Electric said the rights issue will be conducted in accordance with applicable laws and SEBI regulations. The company will disclose the detailed terms to the stock exchanges at a later date.
