Ola Electric Mobility Share Price Today: Ola Electric Mobility shares were in demand on Wednesday, with the scrip rising up to 3.14% to hit an intraday high of Rs 37.09 per share on BSE.
At 9:36 am, Ola Electric shares were trading 1.72% higher at Rs 36.58 per share. In comparison, BSE Sensex was trading 0.61% lower at 72,613 levels.
The uptick in the share price came ahead of a Board meeting scheduled for today, where the company is set to consider various matters related to a proposed Rights Issue of partly paid-up equity shares. The company has received in-principle approval from the stock exchanges for the proposed issue.
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A Rights Issue is a fundraising mechanism through which a company offers new shares to its existing shareholders, typically in proportion to their existing holdings, at specified terms. The proceeds are used to strengthen the company's finances or fund business requirements.
Ola Electric Rights Issue: Key Details
According to the company's exchange filing, the Board will consider a Rights Issue of partly paid-up equity shares with a face value of Rs 10 each for an amount not exceeding Rs 1,000 crore.
The Board is also expected to consider and decide on key terms of the issue, including the Rights Issue price, payment mechanism, rights entitlement ratio, record date and timing of the issue, among other related matters.
Ola Electric Mobility: About The Company
Ola Electric Mobility is an electric two-wheeler manufacturer operating in India's electric vehicle market. The company has been expanding its electric scooter portfolio and manufacturing capabilities as it seeks to strengthen its presence in the rapidly evolving EV segment.
The proposed Rights Issue would provide Ola Electric with an opportunity to raise additional capital, with the final issue terms, including the price and entitlement ratio, expected to be determined by the Board.
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