Bhavish Aggarwal pledges 4.32% stake to back Ola Electric’s Rs 1,000 Cr rights issue
Ola Electric Chairman Bhavish Aggarwal has pledged a 4.32% stake in the company to raise funds for its upcoming Rs 1,000 Cr rights issue.
Ola Electric’s founder Bhavish Aggarwal has pledged a 4.32% stake in the company to support their upcoming Rs 1,000 crore rights issue. This move was announced after the board approved the plan to raise fresh capital through partly paid-up shares, with Deepa Bansal now serving as the new compliance chief. Aggarwal allocated 20 crore shares to CTL Trusteeship Limited in exchange for non-convertible debentures, ensuring his ownership stake remains stable post-issue.
Despite competition from established companies like TVS Motor, Bajaj Auto, and Hero MotoCorp, Ola Electric is working to retain its position in the electric vehicle market, having raised Rs 780 crore in a recent Qualified Institutional Placement.
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