Bhavish Aggarwal Sells Another Lot Of Ola Electric Shares For Rs 142 Crore
Aggarwal, the chairman and managing director of the electric two-wheeler maker, sold 4.19 crore equity shares at Rs 33.96 apiece, as per bulk deal data on the National Stock Exchange.
Bhavish Aggarwal, Ola Electric Mobility Ltd. founder and promoter, sold another lot of shares worth Rs 142 crore via open market transactions on Wednesday. The company said the share sale is part of "a one-time, limited monetisation" of a small portion of his personal stake to fully repay a promoter level loan amounting to Rs 260 crore.
Aggarwal, the chairman and managing director of the electric two-wheeler maker, sold 4.19 crore equity shares at Rs 33.96 apiece, as per bulk deal data on the National Stock Exchange. The buyers of the stock could not be ascertained.
A day ago, he sold shares worth Rs 92 crore in the secondary market.
According to the company statement on Tuesday, all of the previously pledged 3.93% shares will be released, removing a critical overhang. "Post the transaction, the promoter group would continue to hold approximately 34% in Ola Electric, among the highest across new-age listed companies," the statement said.
Ola Electric said there is no dilution of promoter control and the deal is taken to "eliminate all promoter pledges, which can introduce avoidable risk and volatility".
"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.
Sources told NDTV Profit that Aggarwal could sell additional shares in the coming sessions and bring promoter holding down to 34%-35%.
Ola Electric Share Price Movement
Earlier in the day, Ola Electric Mobility share price ended 4.9% lower at Rs 32.9 apiece, compared to a 0.16% decline in the benchmark Nifty 50. The stock is down 62% year-to-date and hit an all-time low during the session.
The total traded value was Rs 509 crore with a delivery ratio of 40%.
Out of eight analysts tracking the company, three maintain a 'buy' rating, one recommends a 'hold,' and four suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target of Rs 45.88 implies an upside of 35%.
