Ola Electric Mobility has received in-principle approval from stock exchanges for a proposed rights issue of up to ₹1,000 crore. The board is scheduled to meet on October 7, 2026, to finalise the specific terms.

Rights issue details

The company confirmed the receipt of regulatory clearance on October 6, 2026. This follows prior intimations regarding the board meeting. The rights issue involves partly paid-up equity shares with a face value of ₹10 each. The total amount raised will not exceed ₹1,000 crore.

Key parameters pending determination by the board include:

Board agenda and next steps

The board meeting scheduled for October 7, 2026, will consider and decide on various matters connected to the rights issue. These matters include the determination of the rights issue price, the related payment mechanism, the rights entitlement ratio, the record date, and the timing of the issue.

A rights issue allows existing shareholders to subscribe to new shares, typically at a set ratio relative to their current holdings and at a specified price. Both the ratio and the price for this issue are to be finalised by the board on October 7.

Ola Electric Mobility Limited promoter Bhavish Aggarwal has pledged 20 crore equity shares, representing 4.32% of the company's total share capital, to secure non-convertible debentures (NCDs). The disclosure was filed with stock exchanges on October 5, 2026, detailing the creation of a first-ranking exclusive pledge in favor of CTL Trusteeship Limited.

The pledge relates to an unattested share pledge agreement dated September 25, 2026, executed between Mr. Aggarwal, CTL Trusteeship Limited, and Krutrim Data Centre Private Limited. The secured instruments are NCDs issued or to be issued by Krutrim Data Centre Private Limited. The pledge is held on behalf of and for the benefit of Avendus Finance Private Limited, Incred Special Opportunities Fund I, and their transferees.

Details of Promoter Encumbrance

Mr. Aggarwal’s total holding in Ola Electric stands at 122.75 crore shares, constituting 26.52% of the total share capital. Prior to this transaction, his holding was unencumbered. The newly created encumbrance covers 20 crore shares, which accounts for 4.32% of the total share capital and approximately 16.3% of his personal holding. The date of creation of this encumbrance is recorded as September 30, 2026.

Context with Rights Issue Plans

This disclosure arrives shortly after Ola Electric deferred its Board meeting scheduled for October 5, 2026, regarding its proposed ₹1,000 crore rights issue. The Board had previously approved the issuance of partly paid-up equity shares with a face value of ₹10 each on September 28, 2026. The deferral was attributed to pending in-principle approval from stock exchanges.

In a separate statement dated September 23, 2026, the company clarified that the rights issue route was being evaluated to allow broad-based participation across retail, institutional, and promoter groups. While earlier reports indicated Mr. Aggarwal might pledge shares to fund his subscription to the rights issue, this specific disclosure explicitly links the current pledge to securing NCDs for Krutrim Data Centre Private Limited, distinct from the rights issue mechanism itself.

Regulatory Compliance

The disclosure was made pursuant to Regulation 31(1) read with Regulation 28(3) of the SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011. The company informed the National Stock Exchange and BSE in compliance with these regulations. The pledge is classified as a first-ranking exclusive pledge over equity shares.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE0LXG01040/6634dc9a-babd-4b02-9945-2256dc7c0774.pdf