Bhavish Aggarwal Backs Ola Electric Rights Issue With Own Stake, Pledges 4.32% To Participate

Bengaluru: Ola Electric Chairman and Managing Director Bhavish Aggarwal has pledged a 4.32 per cent stake in the company to participate in its rights issue, which was approved by the company’s Board on September 28.

In a statement to the stock exchanges on Sunday, the company said, “Ola Electric promoter Bhavish Aggarwal has pledged a 4.32 per cent stake in the company to participate in the rights issue approved by the Board, as disclosed in the Draft Letter of Offer filed on September 28 2026.

This pledge is solely to fund his subscription to the issue, and there are no other pledges to his securities currently; no shares are being sold. The promoter will invest alongside all other shareholders on the same terms.”

As shown in filings made to the exchanges by the promoter under SAST regulations, 20 crore shares held by Aggarwal are being pledged against non-convertible debentures issued by Krutrim Data Centre Private Limited, in favour of CTL Trusteeship Limited.

Krutrim Data Centre Pvt Ltd is a non-operative promoter group entity owned by Aggarwal and is separate from Krutrim SI Designs, which operates the AI and cloud infrastructure businesses. The money raised through the debentures will go towards Aggarwal’s participation in the Ola Electric rights issue.

PTI had reported earlier that Aggarwal was expected to take part in the rights issue. The Draft Letter of Offer was followed by his stated intention to subscribe through the rights route.

Ola Electric is one of the few publicly traded new-age technology companies where the promoter group holding remains significantly larger than its peers, with about one-third of the company owned by the promoter group.

Aggarwal’s participation in the rights issue underlines his commitment to the company, and the move is also expected to keep the promoter group holding intact after the fresh issue of shares.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)