TECH NEWS

Ola Electric’s Bhavish Aggarwal Pledges 4.32% Stake to Fund Rights Issue

Ola Electric founder Bhavish Aggarwal has pledged a 4.32% stake to finance his participation in the company’s proposed ₹1,000 crore rights issue, with proceeds earmarked for debt repayment and growth initiatives

Ola Electric founder and chairman Bhavish Aggarwal has pledged a 4.32% stake in the electric two-wheeler manufacturer to finance his participation in the company's proposed ₹1,000 crore rights issue.

The company said the pledge was created solely to fund Aggarwal's subscription to the rights issue and does not involve a sale of shares. He will participate in the fundraising on the same terms as other eligible shareholders.

The pledge covers approximately 20 crore equity shares and serves as collateral for non-convertible debentures issued by Krutrim Data Centre Private Limited, a promoter-group entity. The pledge was created on September 30, according to disclosures reported in connection with the transaction.

The development follows an earlier reduction in pledged shares. In December...

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Ola Electric founder Bhavish Aggarwal has pledged a 4.32% stake to finance his participation in the company’s proposed ₹1,000 crore rights issue, with proceeds earmarked for debt repayment and growth initiatives

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Extracted system prompts show Meta's Muse compiles “a page for every person in the user's life”, with facts, history, tips to improve relationships, and more

The Upcoming Touchscreen OLED MacBook Pro Is Reportedly 'Significantly Lighter'

China wants solid-state batteries in use by 2030, and CATL rates them four out of nine

Musk says Tesla’s robotaxis still cannot reliably see pets at night