Ola Electric defers board meeting on Rs 1,000 crore rights issue

Ola Electric's board meeting on a proposed Rs 1,000 crore rights issue has been deferred. The company's founder, Bhavish Aggarwal, has pledged a 4.32% stake to participate in the rights issue, according to Economic Times Tech and Hindu BusinessLine.

The pledge, which involves 20 crore shares, is being made to fund Aggarwal's subscription to the issue, with no shares being sold as part of the transaction, as per Hindu BusinessLine and YourStory. Aggarwal will subscribe to the issue on the same terms as all other shareholders, and his ownership stake in Ola Electric is expected to remain intact.

The rights issue, which was approved by Ola Electric's board on September 28, 2026, aims to raise fresh capital through partly paid-up shares, Hindu BusinessLine reported. The company is facing sharper competition from legacy brands and rival Ather Energy, which recently pushed Ola Electric down to fifth place in monthly vehicle registrations, YourStory added.

Brief written by urgent.news from Economic Times Tech, YourStory, Hindu BusinessLine — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.