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Ola Electric Mobility has received in-principle approval from the stock exchanges for its proposed rights issue of up to Rs 1,000 crore, with the company's board set to meet on Wednesday to decide the issue price, entitlement ratio and other key terms.
In an exchange filing, the company said it had received the approval on Tuesday and that the board meeting would be held on October 7 to consider, discuss and decide various matters in connection with the Rights Issue of partly paid-up equity shares. We wish to inform you that the Company has received the in-principle approval today, i.e., October 06, 2026 from the stock exchanges where the securities of the Company are listed for the proposed Rights Issue of the Company, the company said. The board will consider the specific terms of the proposed fund-raising, including the rights issue price and payment mechanism, rights entitlement ratio, record date and timing of the issue. The proposed issue will involve partly paid-up equity shares with a face value of Rs 10 each and is for an amount not exceeding Rs 1,000 crore. The approval marks a further step towards finalising the fund-raising after Ola Electric's board approved the rights issue on September 28, subject to regulatory and statutory approvals. The development comes after promoter Bhavish Aggarwal pledged a 4.32 per cent stake in Ola Electric to fund his participation in the rights issue. The company had said the pledge was being made solely for this purpose and that no shares were being sold as part of the transaction. Ola Electric had also clarified that there were no other pledges on Aggarwal's securities and that the promoter would participate in the rights issue on the same terms as other shareholders. With the in-principle approval now secured, the focus will shift to the detailed structure of the issue and the timeline for shareholder participation. (ANI)
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