Ola Electric ₹1,000 crore right issue: Shares of Ola Electric Mobility will remain in focus in the coming week ahead of the record date for its right issue. The EV maker has fixed Tuesday as the crucial date to determine eligibility of shareholders for the payout.
Ola Electric Mobility share price closed nearly 1.83% higher during Friday’s trading session after seeing steep decline in the previous trading session.
The Bhavish Agarwal-led EV manufacturer had approved the offer and issuance of partly paid-up equity shares of the company for an amount not exceeding ₹1,000 crores by way of a rights issue.
The rights issue will be carried out in accordance with Companies Act, 2013, as amended and the rules made thereunder, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.
The company’s board has approved 37,02,72,665 rights equity shares each for an amount aggregating to ₹9,99,73,61,955 (approximately ₹1,000 crore). The company has fixed rights issue price at ₹27 per equity share with a face value of ₹10 each. The issue will also include a premium of ₹17 per equity shares.