Ola Electric defers board meeting on Rs 1,000 crore rights issue

Synopsis

The company had said in a separate filing on Sunday that CEO Bhavish Aggarwal pledged a 4.32% stake in the company to participate in the rights issue.

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Bhavish Aggarwal, CEO, Ola Electric

Ola Electric Mobility said it has deferred a board meeting that was scheduled for Monday, October 5, to decide on a rights issue of up to Rs 1,000 crore. The company stated in a filing that it is still awaiting in-principle approval from the stock exchanges.

The rights issue involves partly paid-up equity shares with a face value of Rs 10 each. The board was to consider the issue price, the payment mechanism, the rights entitlement ratio, the record date and the timing of the issue.

The meeting had been announced in an earlier intimation on September 28, and was to be held either on October 5 or after the exchanges’ approval, whichever was later. Ola Electric did not announce a revised date.

The company had said in a separate filing on Sunday that CEO Bhavish Aggarwal pledged a 4.32% stake in the company to participate in the rights issue.

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