Ola Electric has fixed the issue price of its ₹1,000-crore rights issue at ₹27 a share, a discount of about 26 per cent to the company’s current market price, as the electric two-wheeler maker seeks to raise fresh capital from existing shareholders.
The company said its board approved the issue price and a two-call payment structure. Under the arrangement, shareholders will pay 60 per cent of the issue price, or ₹16.20 per share, on application, while the remaining ₹10.80 per share will be payable through a final call on a date to be decided by the board.
The two-stage payment structure spreads the funding requirement for investors while allowing Ola Electric to raise the capital without requiring the entire amount upfront.
At ₹27 a share, the rights issue is priced significantly below the prevailing market price.
Earlier, founder and promoter Bhavish Aggarwal pledged a 4.32 per cent stake in the company to fund his participation in the rights issue.
The company had said the pledge was linked to the rights issue subscription and that there were no other promoter pledges at the time.