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Ola Electric promoter Bhavish Aggarwal has pledged a 4.32% stake in the electric two-wheeler maker to fund his participation in the company’s upcoming rights issue. As per the filing with the National Stock Exchange, the pledge has been created solely to fund Aggarwal’s subscription to the rights issue approved by Ola Electric’s board. No shares are being sold as part of the transaction. Ola Electric’s board had approved a rights issue of up to Rs 1,000 crore on September 28. The company subsequently filed its Draft Letter of Offer with the exchanges. However, the company’s latest statement does not disclose the amount being raised by Aggarwal against the pledged shares or the exact amount he plans to invest in the rights issue. The move comes at a time when Ola Electric is looking to strengthen its financial position amid pressure on its business. The company’s operating revenue declined 45% year-on-year to Rs 455 crore in Q1 FY27, from Rs 828 crore in the year-ago quarter. Its EV registrations also fell 25% to 43,908 units during the quarter. However, the company narrowed its net loss by 21.1% to Rs 336 crore during the quarter. Ola Electric had also raised Rs 780 crore through a qualified institutional placement (QIP) in June, after its board approved the fundraise to strengthen the company’s balance sheet and support its growth plans. The latest rights issue will give existing shareholders another opportunity to put fresh money into the company, while Aggarwal is using a portion of his existing stake as collateral to fund his participation. The company, which went public in August 2024, has been expanding its electric two-wheeler portfolio and manufacturing capabilities as it competes with established players such as TVS Motor and Bajaj Auto, as well as Ather Energy. The company’s shares closed at Rs 37.09 per share in the last trading session, giving it a total market capitalisation of Rs 17,162 crore.
document fetched 2026-10-05 02:57