Ola Electric promoter Bhavish Aggarwal pledges 4.32% stake to fund ₹1,000-crore rights issue
The promoter will participate alongside other eligible shareholders, with the company yet to finalise the issue price, ratio and record date
Bhavish Aggarwal, the promoter of Ola Electric, has pledged a 4.32% stake in the company to finance his participation in a proposed rights issue worth up to Rs 1,000 crore, as announced in a filing on Sunday. The pledge is intended solely to fund Aggarwal's subscription to the rights issue and does not involve the sale of any shares.
The Ola Electric board had approved the rights issue on September 28, pending regulatory and statutory approvals. The specific terms of the issue, including the price, entitlement ratio, record date, timing, and payment terms, have yet to be determined by the board. Aggarwal's pledge enables him to join other eligible shareholders in the planned fundraising round while the company finalizes the issue's terms.
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