Bhavish Aggarwal pledged a 4.32% stake in Ola Electric to fund his participation in the company’s upcoming rights issue. The company said, “No shares are being sold. The promoter will invest alongside all other shareholders on the same terms.” This move follows the board’s recent approval of a ₹1,000 crore fundraise.
The pledge is solely to fund Aggarwal’s subscription to the rights issue and there are no other pledges on his securities currently, the company said. “No shares are being sold. The promoter will invest alongside all other shareholders on the same terms,” it added. Aggarwal and the promoter group together held 32.97% of Ola Electric as of June 2026. Aggarwal individually holds 1.23 billion equity shares, representing 26.52% of the company.
At Friday’s closing price of ₹37.08, Ola Electric’s market capitalisation stood at ₹17,162.14 crore. The 4.32% stake pledged by Aggarwal has a market value of approximately ₹741 crore at the prevailing market price. The value of the pledged shares, however, should not be construed as the amount Aggarwal will subscribe to in the rights issue as the company is yet to announce the rights issue price, entitlement ratio, record date, timing and payment schedule.
Ola Electric’s board last week approved a rights issue of up to ₹1,000 crore. According to the Draft Letter of Offer, around ₹350 crore of the proceeds will be used for repayment or prepayment of debt, while ₹400 crore will be allocated towards organic growth initiatives. The remaining amount will be used for general corporate purposes.
The latest fundraise comes just months after Ola Electric raised ₹780 crore through a qualified institutional placement in June, which was part of the ₹1,500 crore fundraise approved last year.
The latest fundraising comes at a crucial juncture for Ola Electric, which has been grappling with weak sales and loss of market share, even as rivals TVS Motor, Bajaj Auto and Ather Energy as well as the larger electric two-wheeler industry continue to report record volumes.