India · Updated 12 Oct, 10:05 am IST
Bhavish Aggarwal pledges 20 crore Ola Electric shares to back Krutrim NCDs
Why it matters for readers: It explains why a founder might lock up shares as collateral instead of immediately selling them.
- On September 30, Aggarwal pledged 20 crore Ola Electric shares, equal to 4.32% of the company, against NCDs issued by Krutrim Data Centre.1
- CTL Trusteeship holds the pledge on behalf of the debenture holders.1
- This pledge is larger than a prior pledge of 17.3 crore shares (3.93%) that secured a ₹260 crore loan.1
- Ola Electric stated the pledge is solely to fund Aggarwal’s subscription to the company’s ₹1,000 crore rights issue and that no shares are being sold.1
- Filings and Ola Electric have not disclosed how much Krutrim Data Centre is raising through the debentures.1
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