India, Oct. 7 -- Ola Electric's Rs.1,000 Cr rights issue is set to open for subscription onOctober 22 and close on October 30, its board of directors finalised today. The last date for on-market renunciation of rights entitlements has been set at October 26.

At an issue price of Rs.27 per share, the company expects to raise Rs.999.74 Cr, assuming full subscription and payment of call monies. To note, the issue price is set at a discount of over 5% to Ola Electric's closing price today (Rs.36.30).

The rights issue will comprise 37.03 Cr partly paid-up equity shares with a face value of Rs.10 each. Shareholders will be entitled to two rights shares for every 25 fully paid-up equity shares held as of the record date of October 13.

The Rs....