SoftBank trims Ola Electric stake to 11.7%
By Abha Lohia ·
Ola Electric: revenue, valuation and funding and every story →
- Ola Electric is a Bengaluru-based maker of electric scooters and motorcycles, listed on the stock exchanges
- A SoftBank affiliate sold about 5.55 crore shares and 1.12 crore rights entitlements, cutting its holding from 12.9% to 11.7%
- The sales came as Ola Electric runs a ₹1,000 crore rights issue open from 22 to 30 October at ₹27 a share
What happened
- A SoftBank affiliate sold 5.55 crore shares on the open market between January and October.
- It also sold 1.12 crore rights entitlements.
- Its stake fell from 12.9% to 11.7%.
Why it matters
- The sales overlap with the company's ₹1,000 crore rights issue.
- Founder Bhavish Aggarwal pledged a 4.32% stake to fund his own participation.
The business
- Ola Electric makes electric two-wheelers in India.
Who put in money
- SoftBank Seller — Investor through SVF II Ostrich (DE) LLC
What happens next
- Rights issue closes on 30 October
Words to know
- Rights issue
- Offer of new shares to existing shareholders at a set price
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