Ola Electric Mobility shares adjusted 3% downwards in early trade on Tuesday, Oct. 13, as the stock turned ex-date for the company's rights issue of equity shares. The company is preparing to raise nearly Rs 1,000 crore through the offering.
Shares of Ola Electric were trading at Rs 34.64, after adjusting 2.9% downward, from the previous close of Rs 35.68. Having said that, for the past two consecutive sessions, the stock rose from Rs 34.63 on Oct. 8 to Rs 35.13 on Oct. 9, and on Oct. 12, the stock settled at Rs 35.68.
Ola Electric Rights Issue Details
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Ola Electric has fixed the rights issue price at Rs 27 per share, at a discount of around 26% to the reference price cited in the company's announcement. The company plans to raise Rs 999.74 crore through the issue, which will open on Oct. 22 and close on Oct. 30.
Eligible shareholders will be entitled to apply for two equity shares for every 25 shares held on the record date. The proceeds are expected to support debt repayment, organic growth initiatives, and general corporate purposes.
The company has earmarked around Rs 350 crore for debt repayment or prepayment and Rs 400 crore for organic growth. The balance amount will be used for general corporate purposes.
Also Read: Ola Electric Approves Rs 1,000 Crore Rights Issue; Fixes Issue Price At 26% Discount
Ola Electric Share Price Performance
Ola Electric shares declined around 10.4% over the past month and 7.97% in 2026, so far. Over one year, the stock was down 31.31% on the NSE.
The stock traded between Rs 22.25 and Rs 57.95 during the past 52 weeks, and currently commands a market cap of Rs 17,305.4 crore.
Market participants will track the rights issue and investor participation in the fundraising exercise, alongside the company's efforts to strengthen its finances. The ex-date marks the point from which shares trade without the entitlement to the rights issue.
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