Ola Electric Rights Issue: Motilal Oswal, Calliope Apply For 2.39 Cr Shares

Motilal Oswal Financial Services and Calliope Capital Advisors have applied for a combined 2.39 Cr shares in Ola Electric’s ₹1,000 Cr rights issue against entitlements transferred by two promoter group entities.

The electric two-wheeler maker said in an exchange filing that Motilal Oswal Financial Services applied for 1.28 Cr shares against rights entitlements renounced by ANI Technologies. Calliope Capital Advisors applied for another 1.10 Cr shares against entitlements transferred by Indus Trust.

Calliope Capital Advisors LLP is an investment vehicle owned by Navin Agarwal, group MD of Motilal Oswal Financial Services.

Both investors submitted their applications before 11:00 IST on the opening day of the issue, covering the full entitlements transferred to them.

Renouncing a rights entitlement means transferring the right to subscribe to new shares to another investor.

ANI Technologies, which operates the Ola Cabs business, and Indus Trust held 3.47% and 2.98% stake, respectively, in Ola Electric as of June 30, according to the company’s letter of offer. Ankush Aggarwal, brother of founder Bhavish Aggarwal, serves as the trustee of Indus Trust.

Meanwhile, CMD Bhavish has committed to subscribing to his full rights entitlement. Promoter group members have also committed to subscribing to their entitlements or transferring them within the permitted categories, including to specified investors.

Earlier this month, Aggarwal pledged a 4.32% stake in Ola Electric to fund his participation in the rights issue.

Another Round Of Fundraising

The rights issue, which closes on October 30, comprises up to 37.03 Cr partly paid-up shares priced at ₹27 apiece. Investors must pay ₹16.20 per share on application and the remaining ₹10.80 through a subsequent call.

Ola Electric plans to allocate ₹350 Cr towards repaying or prepaying borrowings, including accrued interest and applicable prepayment penalties, and ₹400 Cr towards organic growth. The remaining net proceeds will fund general corporate purposes.

The fundraise follows the company’s ₹780.24 Cr qualified institutional placement (QIP) in June, with some proceeds from earlier capital raises yet to be deployed.

As of September 20, 2026, ₹139.21 Cr of IPO proceeds allocated towards debt repayment, organic growth, and general corporate purposes remained unutilised. Another ₹190.77 Cr from the QIP remained unutilised across these common objects, according to the letter of offer.

The fundraise comes at a time when Ola Electric is stepping up investments in its battery cell manufacturing and battery energy storage system businesses.

On the financial front, its consolidated net loss narrowed 22% YoY to ₹336 Cr in Q1 FY27. However, operating revenue plunged 45% YoY to ₹455 Cr. Sequentially, revenue rose 72% from ₹265 Cr, while loss narrowed from ₹500 Cr.

Shares of Ola Electric ended today’s trading session 3.21% lower at ₹31.94 apiece on the BSE.

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