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Bhavish Aggarwal sold 2.83 crore Ola Electric shares at Rs 31.90 each on Thursday
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Total promoter share sales have reached approximately Rs 324 crore over three days
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Sale proceeds used to repay Rs 260 crore promoter loan and release pledged shares
Bhavish Aggarwal, founder and promoter of Ola Electric Mobility Ltd. extended his selling spree into the third day and offloaded 2.83 crore shares for Rs 31.90 per share on Thursday, according to NSE bulk deal data.
The sale amounted to around Rs 90 crore. On Wednesday, the founder had sold shares worth Rs 142 crore and prior to that, he had offloaded Ola Electric equities worth Rs 92 crore. Therefore, the total sale value till now stands at around Rs 324 crore.
In the latest statement Ola Electric has confirmed that, over the last few days, the promoter completed the one-time, limited monetisation of a portion of his personal shareholding.
"The transaction was undertaken solely to repay a promoter-level loan of approximately Rs 260 crore fully and to release all 3.93% shares previously pledged, thereby eliminating all promoter pledges", the statement added.
Calling it a planned and time-bound exercise, the statement further outlined that after the transaction, the promoter group continues to hold over 34.5% in Ola Electric, with no dilution of promoter control or change in long-term commitment.
According to the company statement on Tuesday, all of the previously pledged 3.93% shares will be released, removing a critical overhang.
"It is part of the founder's conviction that Ola Electric should operate with zero pledge overhang, and he should fully unwind the leverage. The transaction is being executed entirely at the promoter’s personal level and would have no impact on Ola Electric’s operations, governance, or strategic direction," the statement said.
Bhavish Aggarwal held a 30.02% stake as of September. Of this, 10.11% is pledged with lenders and 66.63% locked in, as per BSE shareholding data.
Also Read: Ola Electric Hits Record Lows As Promoter Selling Weighs — Here's How Mutual Funds Are Positioned
Ola Electric Share Price Movement
The scrip of Ola Electric has been tumbling ever since the share sale began, closing nearly 5% lower at Rs 31.26 apiece on Thursday.
Intra-day shares touched an all-time low after plummeting 6.22% to Rs 30.76 apiece.
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