Ola Electric sets rights terms: ₹999.74 Cr at ₹27, as the promoter pledges 4.32% to take part
2-for-25 at ₹27 with 60% due on application; record date Oct 13, window Oct 22–30. The same week, the promoter's pledge filing showed his disclosed figure moving from 26.52% to 22.19%.
₹35.39 Oct 8 · −2.6% on the day
MID-CAP by market cap ≈ ₹16,380 Cr
₹999.74 Cr
37.03 Cr partly-paid shares
₹27 23.7% below the Oct 8 close
2 for 25
record date Oct 13 · share count +8.0% if fully subscribed
−38.9%
high ₹57.95 (Oct 17, 2025) · low ₹22.25 (Mar 16, 2026)
Ola Electric's board met for 28 minutes on the evening of October 7 — 5:02 to 5:30 PM IST, per the filing — and fixed the terms of a rights issue the company had been building toward since September 23: 37,02,72,665 partly paid-up shares at ₹27 each, for ₹9,99,73,61,955 (₹999.74 crore) assuming full subscription and payment of call monies. The outcome reached the exchange at 7:08 PM, after the close; in the next session the stock fell 2.6% to ₹35.39. The same week carried a second disclosure with its own weight: promoter Bhavish Aggarwal pledged 20 crore shares — 4.32% of the company — which the company says is to fund his participation in that same rights issue.
Three weeks from first statement to record date
Board approves a rights issue of up to ₹1,000 crore
The board approved the issue of partly paid-up equity shares of face value ₹10 each for an amount not exceeding ₹1,000 crore, by way of a rights issue to eligible shareholders as on a record date to be determined, subject to regulatory and statutory approvals. The company had flagged the proposal five days earlier — a September 23 statement said it was seeking board approval for a rights issue so that all eligible shareholders, including retail, could participate.
Read:This set the size but left price, ratio and dates open. A follow-on board meeting planned for October 5 was cancelled pending exchange approvals; BSE and NSE gave in-principle approval on October 6, and the board reconvened on October 7 to fix the terms.
Board meeting outcome, Sep 28, 2026Final terms: ₹27 per share, 2-for-25, record date October 13
37,02,72,665 partly paid-up shares of face value ₹10 at ₹27 each (a ₹17 premium), aggregating ₹9,99,73,61,955 assuming full subscription and payment of call monies. Entitlement is 2 rights shares for every 25 fully paid-up shares held on the record date of October 13, 2026. The issue opens October 22 and closes October 30; on-market renunciation of rights entitlements runs until October 26. The board also approved the Letter of Offer for filing with SEBI and the exchanges.
Read:Share count rises from 462.84 crore to 499.87 crore if fully subscribed and fully paid — an 8.0% expansion. Of the ₹27, only ₹16.20 (60%) is payable on application, so full subscription brings in roughly ₹600 crore up front, with the ₹10.80 balance due on a final call the board expects to complete on or before October 31, 2027.
Board meeting outcome — rights issue terms, Oct 7, 2026The Board of Ola Electric has approved a rights issue of up to ₹1,000 crore at ₹27 per share, payable in two calls. The issue price has been fixed by the board at about 26% below the current market price, giving all existing shareholders an opportunity to add to their holding at a substantial discount. 60% is payable on application, with the balance payable on a final call, on a date set by the Board. The promoter will invest alongside all other shareholders on the same terms.
— Ola Electric company statement, October 7, 2026 (BSE filing)
Call expected to be completed on or before October 31, 2027; the board retains the right to change the schedule. Source: board meeting outcome, Oct 7, 2026.
The structure matters as much as the price. These are partly paid-up shares: a subscriber commits ₹27 but pays ₹16.20 now, with ₹10.80 callable up to a year later — and the board has reserved the right to move that date either way. The ₹27 price was about 26% below the market when the company announced it (against the October 7 close of ₹36.32); after the next session's decline it stands 23.7% below the ₹35.39 close. The company statement makes two commitments worth holding on to: every existing shareholder gets the discount through the 2-for-25 entitlement, and the promoter will invest alongside all other shareholders on the same terms. Shareholders who do not want to subscribe can sell their entitlements on-market until October 26.
Company statement after market hours: Ola Electric is seeking board approval for a proposed rights issue, structured so all eligible shareholders including retail can participate.
Share pledge agreement executed between Bhavish Aggarwal, CTL Trusteeship Limited and Krutrim Data Centre Private Limited (per the Oct 6 SAST disclosure).
Board approves the rights issue, up to ₹1,000 crore in partly paid-up shares. The Oct 4 company statement also references a Draft Letter of Offer filed on this date.
Trade date of the 20-crore-share pledge creation, per the insider-trading disclosure.
Company statement: the promoter has pledged a 4.32% stake to participate in the rights issue.
BSE and NSE in-principle approvals received; the SAST pledge disclosure reaches the exchange at 10:27 IST, during the session.
Board fixes final terms (₹27, 2-for-25) and approves the Letter of Offer; record date announced.
Record date — determines shareholders eligible for the rights entitlement.
Issue opens. On-market renunciation of rights entitlements (ISIN INE0LXG20016) runs until Oct 26.
Issue closes — extendable by the board by up to 30 days from opening.
First and final call of ₹10.80 per share expected to be completed on or before this date.
Two filings describe the same 20 crore shares
Promoter creates a first-ranking pledge over 20 crore shares — 4.32% of the company
A disclosure under Regulations 31(1) and 31(2) of the SEBI takeover regulations records that Bhavish Aggarwal created a first-ranking exclusive pledge over 20,00,00,000 equity shares — 4.32% of the company's share capital — under a share pledge agreement dated September 25, 2026 between Mr. Aggarwal, CTL Trusteeship Limited and Krutrim Data Centre Private Limited (the "Issuer"), to secure certain non-convertible debentures issued or to be issued by the Issuer. The separate insider-trading record shows the pledge creation (trade date September 30) taking his disclosed holding figure from 26.52% to 22.19%.
Read:Since a pledge does not transfer ownership, the moving figure reads as the unencumbered portion of his stake — the 4.33-point drop matches the 4.32% block pledged. At the October 8 close of ₹35.39, the pledged block is worth roughly ₹708 crore — arithmetic from the pack, not a filed number.
SAST Reg. 31(1)/31(2) disclosure, Oct 6, 2026Ola Electric promoter Bhavish Aggarwal has pledged 4.32% stake in the company, to participate in the rights issue approved by the Board as disclosed in the Draft Letter of Offer filed on 28 September 2026.
— Ola Electric company statement, October 4, 2026 (BSE filing)
Read together, the two filings cover different layers of the same transaction. The SAST disclosure records the legal mechanics: the pledge is collateral for non-convertible debentures issued or to be issued by Krutrim Data Centre Private Limited, with CTL Trusteeship as the trustee. The company statement supplies the stated purpose: the pledge exists so the promoter can participate in the rights issue, and the statement goes on to describe the pledge as solely a funding arrangement for that participation. The filings do not state the debenture amount, nor the promoter's subscription amount. What can be computed: the promoter group held 32.97% as of June 30, so its proportionate share of a fully subscribed ₹999.74 crore issue would be roughly ₹330 crore, of which about ₹198 crore falls due on application — an inference from the shareholding pattern and the 2-for-25 ratio, not a disclosed commitment. The Letter of Offer, approved for filing on October 7, is where the formal promoter-participation details would appear.
The tape around the announcement deserves a careful reading. On September 23 the stock rose 10.8% to ₹41.87 on 39.0 crore shares — the heaviest session in the 60-day window — but the rights-issue statement reached the exchange at 7:00–7:21 PM IST, after that move was complete; the filing cannot explain the rally that preceded it. The next session added 1.6% on another 37.6 crore shares, and September 25 gave back 9.5%. Bulk-deal records for both heavy sessions show Jump Trading Financial India buying and selling identical quantities on the same day — round trips, net flat — so the bulk prints do not represent directional accumulation. From the September 24 close of ₹42.52 to October 8's ₹35.39, the stock has declined 16.8%, with each leg of the rights process — approval, pledge disclosure, final terms — followed by a down session.
Five quarters of consolidated losses
The raise lands against a P&L that explains the appetite for capital without any filing having to say so — the filings in fact do not state the use of proceeds, which belongs to the Letter of Offer. Consolidated revenue in Q1 FY27 was ₹455 crore, down 45% from ₹828 crore a year earlier, though up from Q4 FY26's ₹265 crore. The net loss narrowed to ₹336 crore from ₹428 crore in the year-ago quarter and ₹500 crore in Q4 FY26. Across FY26 the four quarters produced a combined net loss of ₹1,833 crore — an average of ₹458 crore per quarter. Against that run-rate, a fully paid ₹999.74 crore equals a little over two FY26-average quarters of losses, and the ₹600 crore application tranche somewhat less — arithmetic, not guidance. Whether the narrowing loss trend of Q1 FY27 continues is the variable that determines how far this money goes.
The dates and disclosures that change the picture
Oct 13 — record date
Fixes eligibility for the 2-for-25 entitlement. Positions bought after this date carry no rights.
Oct 22–30 — subscription
The issue size assumes full subscription; the actual subscription level, and whether the board uses its 30-day extension right, are the first hard tests of the ₹27 price.
Letter of Offer
Approved for filing on Oct 7. It should carry the use of proceeds and the formal promoter-participation details that the company statement only sketches.
RE trading to Oct 26
On-market renunciation window for rights entitlements (ISIN INE0LXG20016) — the traded RE price will show what the market pays for the ₹27 entry.
Final call timing
₹10.80 per share expected on or before Oct 31, 2027, but the board has reserved the right to move it — an earlier call accelerates the remaining ₹400 crore.
Further encumbrance filings
Any change to the 20-crore-share pledge, or new pledge creations, would surface as SAST Reg. 31 / insider-trading disclosures.
What is now fixed: ₹999.74 crore at ₹27, two shares for every twenty-five, 60% payable up front, and a calendar that runs from the October 13 record date to an October 30 close. What is not yet on record: the use of proceeds, the subscription outcome, the final call date, and the formal detail of the promoter's participation — all of which sit in the Letter of Offer and the issue's own results.
The pledge filings reward being read as a pair. The takeover-code disclosure records collateral for debentures of Krutrim Data Centre Private Limited; the company statement describes the same 4.32% block as the funding route for the promoter's rights subscription. The company has said the promoter will invest on the same terms as everyone else; the disclosures that follow the issue's close will show what was actually taken up.
Informational and educational content only. Not investment advice.