- Ola Electric approved a rights issue to raise nearly Rs 1,000 crore at Rs 27 per share
- The rights issue offers two shares for every 25 held, opening Oct 22 and closing Oct 30, 2026
- Shareholders must pay Rs 16.20 per share at application, with Rs 10.80 due by Oct 31, 2027
Ola Electric Mobility has approved the terms of its proposed rights issue to raise nearly Rs 1,000 crore, with the company fixing the issue price at Rs 27 per share. The board, at its meeting on Wednesday, approved the issuance of 37.03 crore partly paid-up equity shares, aggregating to Rs 999.74 crore assuming full subscription and payment of call money, according to an exchange filing.
The rights issue price of Rs 27 comprises a face value of Rs 10 and a premium of Rs 17 per share.
Ola Electric has fixed Oct. 13, 2026 as the record date for determining shareholders eligible to receive rights entitlements. Under the approved entitlement ratio, eligible shareholders will be entitled to receive two rights equity shares for every 25 fully paid-up equity shares held on the record date.
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The rights issue will open on Oct. 22 and close on Oct. 30, 2026. The last date for on-market renunciation of rights entitlements has been set at Oct. 26. Shareholders will be required to pay Rs 16.20 per share at the time of application. The remaining Rs 10.80 per share will be payable through a first and final call, which is expected to be made on or before Oct. 31, 2027. The board has retained the flexibility to change the payment schedule, subject to applicable laws.
Following the rights issue, Ola Electric's outstanding equity share count is expected to rise from around 462.84 crore to 499.87 crore, assuming full subscription and payment of the call money.
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The company had earlier said that around Rs 350 crore of the proceeds would be used for repayment or prepayment of debt, while Rs 400 crore would be allocated towards organic growth initiatives. The remaining funds would be used for general corporate purposes.
The latest fundraise comes just months after Ola Electric raised Rs 780 crore through a qualified institutional placement in June. The QIP was part of a broader Rs 1,500 crore fundraising plan approved by the company earlier.
Earlier this week, promoter Bhavish Aggarwal said he would pledge a 4.32% stake in Ola Electric to fund his participation in the rights issue. The company said the pledge was solely for funding the subscription and that no shares were being sold. Aggarwal individually held a 26.52% stake in the company as of June 2026.
Ola Electric Share Price Today
Ola Electric shares closed 1% higher at Rs 36.32 per share on Wednesday. The shares have fallen 1.79% in one week and 4.48% in one month. The shares are downb 3.36% year-to-date and 31.08% in one year.
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