Ola Electric shares rise 19.5% on ₹1,000cr rights issue
Ola Electric's shares rallied 19.5% to ₹35.78 on Tuesday, October 27, as the company's ₹1,000 crore rights issue remained in focus.
This offer lets existing shareholders buy new partly paid-up shares at ₹27 each, with an upfront payment of ₹16.20 per share required during application.
The rights issue opened on October 22 and wraps up on October 30.
Ola Electric revenue fell losses widened
The share price bump also comes as big investor SVF II Ostrich (DE) LLC trimmed its stake from 12.9% to 11.7%.
In September, Ola Electric sold 13,449 registrations, landing in fifth place for 6.49% market share.
While everyone is waiting for the Q2 FY27 results, it's worth noting that last quarter saw revenue dip and losses go up; still, Ola's market cap stands strong at ₹17,395 crore ($1.83 billion).
Major investors like Motilal Oswal Financial Services and Calliope Capital Advisors have jumped in on the rights issue too, and founder Bhavish Aggarwal has pledged a chunk of his own stake, showing some real confidence in the company's future direction.