Ola Electric shares drop 4% as EV maker plans Rs 1,000 crore rights issue
At the last count, Ola Electric shares were trading at Rs 35.22 apiece on the NSE, down 3.0% from the previous close of ₹36.32. The stock traded in a range of Rs 35 to Rs 36.08 during the session.
At the current market price, Ola Electric had a market capitalisation of around Rs 16,334 crore on the NSE.
The company’s board approved the terms of the rights issue at its meeting held on Wednesday, October 7, following the in-principle approvals received from BSE and NSE on October 6.
Ola Electric rights issue details
In an exchange filing on October 7, Ola Electric Mobility said the board had approved the offer and issuance of partly paid-up equity shares for an amount not exceeding Rs 1,000 crore through a rights issue.
The company will issue 37,02,72,665 partly paid-up equity shares at a rights issue price of Rs 27 per share, including a premium of Rs 17 per share. The total issue size stands at Rs 999.74 crore, assuming full subscription and payment of call monies.
The face value of each rights equity share is Rs 10.The record date has been fixed as October 13, 2026, for determining shareholders eligible to receive the rights entitlement.
The rights entitlement ratio has been set at 2 rights equity shares for every 25 fully paid-up equity shares held by eligible shareholders as of the record date.
The rights issue will open on October 22, 2026, and close on October 30, 2026. The last date for on-market renunciation of rights entitlements is October 26, 2026.
The company said its board or Rights Issue Committee will have the right to extend the issue period, subject to the issue period not exceeding 30 days from the issue opening date, including the opening date.
Ola Electric has 4,62,84,08,313 outstanding equity shares before the rights issue. Assuming full subscription and payment of call monies, the number of outstanding equity shares will rise to 4,99,86,80,978 after the issue.
Other terms of the rights issue, including fractional entitlements, will be included in the Letter of Offer to be filed by the company.
ALSO READ: Adani Enterprises gets rating upgrade from CARE Ratings to AA; Stable; shares up 21% in 2026
Ola Electric share price
Ola Electric shares settled Wednesday’s trading session at Rs 36.32, up 1% from the previous close of Rs 35.96 per share on the NSE.
The counter moved in a range of Rs 35.93-Rs 37.10 during the session.
Ola Electric shares have rebounded 63% from their 52-week low of Rs 22.25, touched on March 16, 2026.
At the current market price, Ola Electric has a market capitalisation of Rs 16,810.38 crore on the NSE.
Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
