Ola Electric Mobility has received in-principle approval from the stock exchanges for a proposed rights issue of up to ₹1,000 crore, clearing a key regulatory step in its planned fund-raising. The company’s board is scheduled to meet on October 7 to decide the issue price, entitlement ratio, payment mechanism, record date and timing of the offer.
The proposed issue will comprise partly paid-up equity shares with a face value of ₹10 each. The company said in an exchange filing that the approval was received on October 6 from the stock exchanges where its securities are listed.
“We wish to inform you that the Company has received the in-principle approval today, i.e., October 06, 2026 from the stock exchanges where the securities of the Company are listed for the proposed Rights Issue of the Company,” Ola Electric said in the filing.
The approval allows the company to move to the next stage of structuring the issue, but it does not by itself finalise the terms on which existing shareholders will be invited to subscribe. Those terms, including the amount payable upfront and the entitlement ratio, will be considered by the board.
Ola Electric’s board had approved the rights issue on September 28, subject to regulatory and statutory approvals. The proposed issue is for an amount not exceeding ₹1,000 crore, with the final size and structure to be determined through the company’s subsequent decisions and filings.
The development follows promoter Bhavish Aggarwal’s pledge of a 4.32 per cent stake in Ola Electric to fund his participation in the rights issue. The company had said the pledge was made solely for this purpose and that no shares were being sold as part of the transaction.
Ola Electric had also stated that there were no other pledges on Aggarwal’s securities and that the promoter would participate in the rights issue on the same terms as other shareholders. A rights issue gives existing shareholders the opportunity to subscribe to newly issued shares in proportion to their holdings, subject to the final terms approved by the company.
For the electric mobility sector, the immediate significance of the development is that Ola Electric has moved closer to securing a new source of capital through its listed-company structure. The company’s next board meeting will determine the details shareholders will need to assess their participation, including the price, entitlement ratio, payment schedule and issue timeline.
The board is expected to consider and decide the various matters connected with the rights issue at its meeting on October 7. Further details will depend on the decisions taken at that meeting and the company’s subsequent regulatory disclosures.
