Ola Electric board approves rights issue at 26% discount; shareholders to pay in two calls
Ola Electric has announced a rights issue price of Rs 27 per share, significantly below its market value, aiming to garner up to Rs 1,000 crore. Investors will pay 60% of this amount upfront, with the remainder due later. Chairman Bhavish Aggarwal intends to fully subscribe to his portion, using a pledged stake. This funding could...
Key Takeaways
- Ola Electric has announced a rights issue price of Rs 27 per share, significantly below its market value, aiming to garner up to Rs 1,000 crore.
- Investors will pay 60% of this amount upfront, with the remainder due later.
- Chairman Bhavish Aggarwal intends to fully subscribe to his portion, using a pledged stake.
Ola Electric has announced a rights issue price of Rs 27 per share, significantly below its market value, aiming to garner up to Rs 1,000 crore. Investors will pay 60% of this amount upfront, with the remainder due later. Chairman Bhavish Aggarwal intends to fully subscribe to his portion, using a pledged stake. This funding could ease debt burdens and assist the company in achieving cash breakeven.
Original Publisher Attribution
This summary was curated from Economic Times.