Ola Electric clears exchange hurdle for rights issue
By Abha Lohia ·
- Ola Electric Mobility is a listed maker of electric scooters and motorcycles founded by Bhavish Aggarwal
- Stock exchanges gave in-principle approval on 6 October for a rights issue of partly paid shares worth up to ₹1,000 crore
- Its board meets on 7 October to set the price, the entitlement ratio, the record date and the timeline
What happened
- Exchanges approved the rights issue in principle on 6 October.
- The issue is for up to ₹1,000 crore.
- Shares will be partly paid-up, face value ₹10.
Why it matters
- The board approved the plan on 28 September.
- Promoter Bhavish Aggarwal pledged a 4.32% stake to fund his part.
The business
- Electric two-wheeler maker.
The founders
What happens next
- Board to fix price and ratio on 7 October.
Words to know
- Rights issue
- new shares offered first to existing shareholders
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