Punjab, Oct. 9 -- Ola Electric will raise Rs 1,000 crore through a rights issue priced at Rs 27 a share - a 26 per cent discount to Wednesday's close of Rs 36.32 - and founder Bhavish Aggarwal has pledged a 4.32 per cent stake in the company to fund his own subscription.
The mechanics
The issue opens on 22 October and closes on 30 October. The record date is 13 October. Eligible shareholders get two rights shares for every 25 they hold, which works out to 37.03 crore new shares. Of the Rs 27 price, Rs 17 is premium over the Rs 10 face value.
It is a partly paid issue. Investors pay Rs 16.20 on application and the remaining Rs 10.80 on a later call, which the company expects to settle by 31 October 2027. That structure spreads the cash de...