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Ola rights issue: Ola Electric Mobility announced on Monday that the board has approved a rights issue of partly paid-up equity shares to raise up to ₹1,000 crore, subject to the receipt of necessary regulatory and statutory approvals.
The rights issue will be offered to eligible shareholders as of a record date, which will be determined and announced by the company at a later stage.
In an exchange filing dated 28 September, the company further informed that the board will meet on Monday, 5 October to consider, discuss and decide various matters in connection with the Rights Issue.
The company will announce key terms of the issue, including the issue price, rights entitlement ratio, record date, issue timeline and payment structure.
The proposed shares will carry a face value of ₹10 each. Ola Electric said the proposed rights issue will be undertaken in accordance with applicable laws and SEBI regulations. The company will announce the detailed terms of the issue to the stock exchanges at a later date.
“We wish to inform you that a meeting of the Board of Directors of the Company is scheduled to be held on Monday, October 05, 2026 or after the date of receipt of in-principle approval from the stock exchanges where the securities of the Company are listed or such other regulatory authorities as may be required, whichever is later, inter alia, to consider, discuss and decide various matters in connection with the Rights Issue of partly paid-up equity shares of the Company of face value ₹10 each for an amount not exceeding Rs. 1,000 crores (Rupees One Thousand Crores), including but not limited to the specific terms of the Rights Issue, such as the determination of the Rights Issue price and related payment mechanism, rights entitlement ratio, the record date and timing of the Rights Issue and other related matters,” the company said in the filing.
The QIP saw participation from long-term institutional investors, including Goldman Sachs and BNP Climate Fund, as well as Indian mutual funds such as Motilal Oswal Mutual Fund, Mirae Asset Mutual Fund, Kotak Mahindra Mutual Fund, JM Financial Mutual Fund and Baroda BNP Paribas Mutual Fund.
Following the receipt of applications and funds from eligible institutional investors, Ola Electric’s Fund Raising Committee approved the closure of the QIP.
Ola Electric Mobility stock has shown mixed performance across different timeframes. The stock gained 2.35% over the past week, while it declined 2.85% in one month and 9.38% over three months.
Despite the recent weakness, the stock has delivered a 56.04% gain over the past six months, while its year-to-date performance remains marginally positive at 0.96%.
On a longer-term basis, however, Ola Electric shares have remained under pressure. The stock has declined 30.87% over the past year and is down 62.95% over two years.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
Vaamanaa covers business and stock market news. Started in 2020, she has been producing news on digital platforms for over 4.5 years now. She writes on markets, commodities, IPOs, and industry. She has worked for news channels like Jagran New Media and Business Insider India. You can reach out to her at vaamanaa.sethi@htdigital.in.
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