From Financialexpress · FE Bureau · · 1m 10s
Bhavish Aggarwal Pledges Stake for Ola Electric Rights Issue
Bhavish Aggarwal pledges 4.32% stake to fund Ola Electric's ₹1,000-crore rights issue.
In brief
Bhavish Aggarwal pledges 4.32% stake to fund Ola Electric's ₹1,000-crore rights issue. Bhavish Aggarwal pledged 4.32% of Ola Electric shares to participate in the company's ₹1,000-crore rights issue. Originally reported by Financialexpress.
Ola Electric Promoter Pledges Stake
Ola Electric promoter Bhavish Aggarwal pledged 4.32% stake to fund his subscription to the company's proposed ₹1,000-crore rights issue.
Stake Pledged Solely for Rights Issue
The pledge is solely to fund Aggarwal's subscription to the rights issue with no other pledges on his securities.
Aggarwal Holds 26.52% Shares
Aggarwal individually holds 1.23 billion equity shares representing 26.52% of Ola Electric.
Market Capitalisation at ₹17,162.14 Crore
At Friday's closing price of ₹37.08, Ola Electric's market capitalisation stood at ₹17,162.14 crore.
Pledged Stake Value at ₹741 Crore
The 4.32% stake pledged by Aggarwal has a market value of approximately ₹741 crore at the prevailing market price.
Rights Issue Funds Allocation
Around ₹350 crore of the rights issue proceeds will repay debt while ₹400 crore funds organic growth initiatives.
The main idea
Bhavish Aggarwal pledged 4.32% of Ola Electric shares to participate in the company's ₹1,000-crore rights issue.
