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

Ola Electric Chairman and Managing Director Bhavish Aggarwal has pledged a 4.32 per cent stake in the company to fund his participation in its rights issue, which was approved by the board on September 28, PTI has reported. According to a company statement to the stock exchanges, "Ola Electric promoter Bhavish Aggarwal has pledged a 4.32 per cent stake in the company to participate in the rights issue approved by the Board, as disclosed in the Draft Letter of Offer filed on September 28 2026. This pledge is solely to fund his subscription to the issue, and there are no other pledges to his securities currently; no shares are being sold. The promoter will invest alongside all other shareholders on the same terms."

According to filings submitted by Aggarwal to the stock exchanges under the SAST regulations, 20 crore shares held by him have been pledged against non-convertible debentures issued by Krutrim Data Centre Private Limited in favour of CTL Trusteeship Limited.

Krutrim Data Centre Pvt Ltd is a non-operative promoter group entity owned by Aggarwal and is separate from Krutrim SI Designs, which operates the AI and cloud infrastructure businesses. The funds raised through the debentures will be used by Aggarwal to participate in the Ola Electric rights issue.

Ola Electric is among the publicly traded new-age technology companies where promoter group ownership remains significantly higher than that of its peers. The promoter group holds around one-third of the company.