Bhavish Aggarwal Pledges Stake for Ola Electric Rights Issue

Ola Electric promoter Bhavish Aggarwal pledged a 4.32 percent stake in the company to fund his participation in a proposed rights issue of up to Rs 1,000 crore. The pledge involves 200 million shares held by Aggarwal, which were pledged against non-convertible debentures issued by Krutrim Data Centre Private Limited in favor of CTL Trusteeship Limited.

Ola Electric clarified in an exchange filing that the pledge is solely to fund the subscription and that no shares are being sold. Aggarwal intends to invest on the same terms as other eligible shareholders. The company board originally approved the issuance of partly paid-up equity shares on September 28, 2026.

On October 5, 2026, Ola Electric deferred a board meeting intended to finalize the terms of the fundraising exercise, including the issue price, entitlement ratio, and record date. The company stated the postponement was due to pending in-principle approval from stock exchanges. While a revised meeting date has not been announced, the company confirmed that the rights issue has not been cancelled.