Ola Electric promoter Bhavish Aggarwal has pledged a 4.32% stake in the company to fund his participation in its proposed rights issue of up to Rs 1,000 crore, the company said in an exchange filing on Sunday. The pledge is intended solely to support Aggarwal's subscription to the rights issue, with no shares being sold as part of the transaction, according to the filing by Ola Electric.
The company clarified that Aggarwal's pledge is the only one on his securities, and he will participate in the rights issue on the same terms as other shareholders. The rights issue involves partly paid-up equity shares and was approved by Ola Electric's board, as disclosed in the Draft Letter of Offer filed on September 28, 2026. The exact details of the rights issue are yet to be finalized.
This rights issue marks a significant capital-raising effort by Ola Electric, reflecting the promoter's commitment to the company's growth. Rights issues are a common method for companies to raise funds from existing shareholders, and promoter participation often signals confidence in the business. The move comes amid growing investor interest in electric vehicle companies in India, where Ola Electric is a key player.
The rights issue, capped at Rs 1,000 crore, is pending finalization of terms and regulatory approvals. Ola Electric's board approval and the promoter's pledge were officially disclosed in the Draft Letter of Offer filed on September 28, 2026, marking a key step in the company's fundraising process.