Founder Bhavish Aggarwal pledges 4.3% stake to participate in Rs.1,000-Cr Ola Electric rights issue

Publicly listed, Bengaluru-based Ola Electric has announced a rights issue to raise INR 1,000 crore. Founder Bhavish Aggarwal will participate in the issuance by pledging a 4.32% stake in the firm.Founded in 2017, the firm manufactures electric vehicles. Ola Electric intends to use the capital to strengthen its balance sheet and support its market position.Aggarwal pledged 20 crore shares against non-convertible debentures (NCDs) issued by Krutrim Data Centre, a promoter entity, to CTL Trusteeship. The firm stated that no shares are being sold, and the founder will subscribe to the issue under the same terms as other shareholders.