Ola Electric promoter Bhavish Aggarwal pledges 4.32% stake to fund rights issue subscription
On Thursday (October 1), shares of Ola Electric Mobility Ltd ended at ₹37.09, up by ₹0.14, or 0.38%, on the BSE.
Ola Electric Mobility Ltd promoter Bhavish Aggarwal has pledged a 4.32% stake in the company to participate in the rights issue approved by the board, the company said on Sunday .The pledge is solely to fund Aggarwal’s subscription to the rights issue, as disclosed in the Draft Letter of Offer filed on September 28, Ola Electric said. The company added that there are no other pledges on his securities currently and no shares are being sold.Aggarwal will invest in the rights issue alongside all other shareholders on the same terms, according to the company statement.ALSO READ | Ola Electric shares fall 9% after four-session rally; board to consider rights issueLast month, Ola Electric Mobility’s board approved a rights issue of partly paid-up equity shares to raise up to ₹1,000 crore, subject to regulatory and statutory approvals. The issue will be open to eligible shareholders as of a record date, which will be announced later.The company said the shares will have a face value of ₹10 each.
However, key details such as the issue price, rights entitlement ratio, record date, timing and payment terms are yet to be decided by the board.Ola Electric said the rights issue will be carried out in line with applicable laws and SEBI regulations. The company will disclose the detailed terms to the stock exchanges later.ALSO READ | Ola surges up to 9%; Prime Focus falls up to 6% at Nifty 500 market openThe proposed fundraise comes just months after Ola Electric raised ₹780 crore through a qualified institutional placement, or QIP, in June. The issue was oversubscribed by 56%.The QIP attracted long-term institutional investors, including Goldman Sachs and BNP Climate Fund, along with Indian mutual funds such as Motilal Oswal Mutual Fund, Mirae Asset Mutual Fund, Kotak Mahindra Mutual Fund, JM Financial Mutual Fund and Baroda BNP Paribas Mutual Fund.Ola Electric’s Fund Raising Committee subsequently approved the closure of the QIP after receiving applications and funds from eligible institutional investors.On Thursday , shares of Ola Electric Mobility Ltd ended at ₹37.09, up by ₹0.14, or 0.38%, on the BSE.ALSO READ | Ola Electric Mobility closes QIP, raises ₹780 crore; issue oversubscribed 56%
Related Stories
Gold prices near Rs 1.47 lakh/10 grams, silver falls by Rs 1,144/kg as traders await Fed rate signals. What lies ahead?
Gold prices edged lower while silver fell on MCX as investors awaited the US Federal Reserves upcoming policy decision for clues on interest rates. Traders expect rates to remain unchanged in October, with a possible hike in December. Analysts say dollar strength may cap golds upside, while central bank buying supports longer-term prices.
Infosys, TCS, Coforge, HCL Tech, TechM, Sagility: Selective rerating ahead, Jefferes shares target prices -
Infosys and TCS are seen as large IT companies offering 20 per cent-plus rerating potential in the best case. Sagility stands out among mid-sized companies, Jefferies said.
YES Bank share price targets: Goldman Sachs, Citi among 10 brokers with 'Sell' calls; what Nomura, others say -
Goldman Sachs has a target price of Rs 17 for YES Bank, while Citi sees the stock falling to Rs 16.50. Kotak Institutional Equities and Nuvama Institutional Equities have even lower targets of Rs 16.