Business · Updated 5 Oct, 11:07 pm IST

Bhavish Aggarwal pledges 4.32% stake to back Ola Electric rights issue

Why it matters for readers: It explains a real-world step a company and its founder are taking to raise capital and shore up finances.

Bhavish Aggarwal has pledged a 4.32% stake in Ola Electric to fund his subscription to the proposed ₹1,000 crore rights issue.1 2 3
Inc42 reports the rights issue plans to use about ₹350 crore for debt repayment and ₹400 crore for organic growth.2
An exchange filing said the pledge is to finance Aggarwal’s participation and that no shares are being sold by him.2
Ola Electric deferred a board meeting that was set to decide final terms of the rights issue while awaiting in-principle approval from stock exchanges.3
Reports say the pledge involves 20 crore shares as security to CTL Trusteeship for debentures issued by Krutrim Data Centre Pvt Ltd to fund Aggarwal’s subscription.2

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5 Oct, 10:24 am · YourStory
Bhavish Aggarwal pledges 4.32% stake to back Ola Electric’s Rs 1,000 Cr rights issue
5 Oct, 01:00 pm · Inc42
Bhavish Aggarwal Pledges 4.32% Ola Electric Stake To Fund Rights Issue Subscription
5 Oct, 11:07 pm · ET Tech
Ola Electric defers board meeting on Rs 1,000 crore rights issue