[Update] Ola Electric Allots Rights Equity Shares For ₹1,000 Cr Fundraise

[Update] Ola Electric Allots Rights Equity Shares For ₹1,000 Cr Fundraise
ola electric rights issue

Update | November 3, 2026, 21:45 IST

EV maker Ola Electric has allotted 37.03 Cr partly paid-up equity shares under its rights issue, through which it will raise about ₹999.7 Cr once the shares are fully paid.

The shares carry an issue price of ₹27 apiece. Of the issue price, shareholders have paid ₹16.2 per share on application, amounting to ₹599.8 Cr. The remaining ₹10.8 per share, totalling ₹399.9 Cr, will be payable on the first and final call under the terms of the letter of offer.

Ola Electric’s rights issue committee approved the allotment following the finalisation of the basis of allotment in consultation with NSE, the designated stock exchange.

Original | October 7, 2026, 20:08 IST

Ola Electric’s ₹1,000 Cr rights issue is set to open for subscription onOctober 22 and close on October 30, its board of directors finalised today. The last date for on-market renunciation of rights entitlements has been set at October 26.

At an issue price of ₹27 per share, the company expects to raise ₹999.74 Cr, assuming full subscription and payment of call monies. To note, the issue price is set at a discount of over 5% to Ola Electric’s closing price today (₹36.30).

The rights issue will comprise 37.03 Cr partly paid-up equity shares with a face value of ₹10 each. Shareholders will be entitled to two rights shares for every 25 fully paid-up equity shares held as of the record date of October 13.

The ₹27 issue price includes a ₹17 premium. Shareholders will have to pay ₹16.20 per share, or 60% of the issue price, on application. The remaining ₹10.80 per share will be payable through a first and final call.

The company’s board approved the rights issue on September 28. Following that, founder and CMD Bhavish Aggarwal pledged a 4.32% stake in the electric two-wheeler maker to fund his participation in the rights issue. 

Ola Electric plans to split the proceeds between debt reduction, business expansion and general corporate requirements.

The company has earmarked ₹350 Cr for repaying or prepaying borrowings at Ola Electric and its material subsidiaries. The allocation will also cover accrued interest and any applicable prepayment penalties.

A larger ₹400 Cr will be directed towards organic growth, with the company planning to invest across its electric mobility and energy storage businesses. The spending will include manufacturing, R&D, stores and dealerships, service infrastructure, as well as sales and marketing.

The balance of the proceeds will be available for general corporate purposes. Ola Electric expects to utilise the funds during FY27 and FY28.

This would be the second fundraise for Ola Electric within 2026. The company raised ₹780.24 Cr via a qualified institutional placement (QIP) earlier in June. 

Meanwhile, on the financial front, Ola Electric managed to trim its net loss for the June quarter (Q1 FY27) by 22% to ₹336 Cr from ₹428 Cr in the year-ago quarter. Operating revenue declined 45% to ₹455 Cr from ₹828 Cr in Q1 FY26. 

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