New Delhi, Oct. 5 -- Ola Electric founder and chairman Bhavish Aggarwal has pledged a 4.32% stake in the electric two-wheeler manufacturer to finance his participation in the company's proposed Rs.1,000 crore rights issue.

The company said the pledge was created solely to fund Aggarwal's subscription to the rights issue and does not involve a sale of shares. He will participate in the fundraising on the same terms as other eligible shareholders.

The pledge covers approximately 20 crore equity shares and serves as collateral for non-convertible debentures issued by Krutrim Data Centre Private Limited, a promoter-group entity. The pledge was created on September 30, according to disclosures reported in connection with the transaction.

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