SoftBank affiliate trims Ola Electric stake amid ₹1000cr rights issue
SVF II Ostrich (DE) LLC, an affiliate of SoftBank, just sold 5.55 crore shares in Ola Electric, dropping its stake from 12.9% to 11.7%.
This move came as Ola Electric sought to raise ₹1,000 crore through a rights issue, a way for the company to raise fresh funds and keep things moving during a tough financial patch.
Ola Electric rights issue priced ₹27
Running from October 22-30, the rights issue lets existing shareholders buy new shares at ₹27 each (with ₹16.20 up front).
Motilal Oswal Financial Services and Calliope Capital Advisors had applied for a combined 2.39 crore shares under the rights issue after both entities acquired rights entitlements from promoter group entities ANI Technologies and Indus Trust.
Founder Bhavish Aggarwal even pledged part of his own stake to back the company, showing he's all in on helping Ola Electric stay strong right now.