Ola Electric Raises ₹600 Crore Through Rights Issue As Sales And Market Share Decline
Ola Electric has raised nearly ₹600 crore through its latest rights issue, allotting 37.03 crore partly paid-up shares at ₹27 apiece. However, shareholders still have another ₹399.89 crore to pay through a subsequent call, taking the total issue size close to ₹1,000 crore.
The fundraising comes at a challenging time for the EV maker. Ola’s October registrations fell 10.1% month-on-month to 12,096, even as India's electric two-wheeler market grew 7.3% to 2,23,886 units. SoftBank has also sold part of its rights entitlement, while promoter-linked entities transferred theirs to other investors. The key question now is whether this fresh capital can help Ola revive sales, strengthen operations and improve its financial position.
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