Bhavish Aggarwal Pledges 4.32% Ola Electric Stake To Fund Rights Issue Subscription

by · Inc42

SUMMARY

  • Bhavish Aggarwal has pledged a 4.32% stake in Ola Electric to fund his participation in the company’s proposed ₹1,000 Cr rights issue
  • The promoter is borrowing against his holding to participate in a capital raise aimed at reducing debt and funding expansion amid falling revenue and pressure on E2W market share
  • Ola Electric has earmarked ₹350 Cr from the rights issue for debt repayment and ₹400 Cr for organic growth initiatives, following its ₹780.2 Cr QIP in June.