Ola Electric Mobility Ltd sells stake to release pledged shares

Ola Electric founder-promoter has undertaken a one-time, limited monetisation of a small portion of his personal stake to fully repay a promoter level loan amounting to INR 260 crore. With this, all of the previously pledged 3.93% shares will be released, removing a critical overhang.

Post the transaction, the promoter group would continue to hold approximately 34% in Ola Electric, among the highest across new-age listed companies. There is no dilution of promoter control or change in the long-term conviction.

This action is taken to eliminate all promoter pledges, which can introduce avoidable risk and volatility. It is part of the founder's conviction that Ola Electric should operate with zero pledge overhang, and he should fully unwind the leverage.

The transaction is being executed entirely at the promoter's personal level and would have no impact on Ola Electric's operations, governance, or strategic direction. The company's focus remains firmly on building a globally competitive, India-first electric mobility and clean energy company.

Shares of OLA Electric Mobility Limited was last trading in BSE at Rs. 34.50 as compared to the previous close of Rs. 37.39. The total number of shares traded during the day was 5869624 in over 20732 trades.

The stock hit an intraday high of Rs. 37.07 and intraday low of 34.20. The net turnover during the day was Rs. 208081705.00.

Source : Equity Bulls

Keywords

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