Ola Electric to raise ₹1,000cr with rights issue at ₹27
Business
Ola Electric is looking to raise ₹1,000 crore by offering shares at ₹27 each, a 26% discount compared to the last closing price.
If you're a shareholder as of October 13, you can buy two extra shares for every 25 you already own between October 22 and 30.
Bhavish Aggarwal pledges 4.32% stake
Shareholders can also trade their rights on the market from October 22 through 26 if they don't want to buy more themselves.
Ola's boss, Bhavish Aggarwal, is all in. He's pledging a 4.32% stake to back the move.
The money could go toward paying down debt and helping Ola move toward cash break-even.
Even though shares dipped earlier this year, they actually ended 0.83% higher at ₹36.26 on Wednesday, so investors seem pretty optimistic about Ola's next steps.