Ola Electric ₹1,000cr rights issue fully subscribed, Bhavish Aggarwal invests
Business
Ola Electric just was fully subscribed to its ₹1,000 crore rights issue days ahead of schedule: investors wanted in so much that bids even topped the shares on offer.
Founder Bhavish Aggarwal put his own money in too, bumping promoter ownership to nearly 33%.
Shares also jumped 23% in two days, closing at ₹36.66 on Wednesday.
Ola Electric shifts to dealer model
After some customer complaints about service, Ola is switching gears from a direct-to-consumer model to working with dealers, hoping this move will boost sales and make support better.
The strong investor response suggests the rights issue was fully subscribed.