The record date for determining the shareholders who will be eligible to receive the rights entitlemen has been fixed as October 13.
A rights issue is a mode of raising funds by a company in which shares are usually issued to eligible shareholders at a discount to the current price.
The rights issue will open for subscription on October 22, and close on October 30.
On market renunciation of shares will take place between October 22 and October 26, 2026. On market renunciation is a process where an existing shareholder sells their rights entitlement on a stock exchange instead of using them to buy shares of the rights issue.
Shareholders of Ola Electric will be eligible to avail two rights shares for every 25 shares held as on the record date.
In an exchange filing, Ola Electric said its board had approved the rights issue at ₹27 per share, with 60% of the issue price payable on application and the remaining 40% through a final call on a date to be decided by the board.
The two-call structure allows shareholders additional time to make the balance payment, while also aligning the fund-raising with the company’s near-term funding requirements.The rights issue was initially approved by the board on September 28, when the company filed its draft letter of offer. Ola Electric had earlier received approval to raise up to ₹1,500 crore, of which ₹780 crore was raised through a qualified institutional placement (QIP) in June 2026.
Chairman and Managing Director Bhavish Aggarwal is expected to subscribe to his full entitlement, according to sources close to the transaction. The company had said on Sunday that Aggarwal pledged a 4.32% stake solely to fund his rights issue subscription, with no shares being sold. The promoter group collectively holds around 32.97% in Ola Electric.
The rights issue proceeds could be used to reduce debt and help the electric two-wheeler maker move towards cash breakeven without requiring another fund raise in the near term, a banking source tracking the development told PTI.
Further details, including the record date, will be announced in accordance with applicable regulations.
Ola Electric Mobility shares ended 0.83% higher at ₹36.26 on Wednesday. The stock has declined more than 3% so far in 2026.