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Ola Electric Rights Issue: Motilal Oswal, Calliope Apply For 2.39 Cr Shares

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Ola Electric Rights Issue: Motilal Oswal, Calliope Apply For 2.39 Cr Shares

Motilal Oswal Financial Services and Calliope Capital Advisors have applied for a combined 2.39 Cr shares in Ola Electric’s ₹1,000 Cr rights issue against entitlements transferred by two promoter group entities.

The electric two-wheeler maker said in an exchange filing that Motilal Oswal Financial Services applied for 1.28 Cr shares against rights entitlements renounced by ANI Technologies. Calliope Capital Advisors applied for another 1.10 Cr shares against entitlements transferred by Indus Trust.

Calliope Capital Advisors LLP is an investment vehicle owned by Navin Agarwal, group MD of Motilal Oswal Financial Services.

Both investors submitted their applications before 11:00 IST on the opening day of the issue, covering the full entitlements transferred to them.

Renouncing a rights entitlement means transferring the right to subscribe to new shares to another investor.

ANI Technologies, which operates the Ola Cabs business, and Indus Trust held 3.47% and 2.98% stake, respectively, in Ola Electric as of June 30, according to the company’s letter of offer. Ankush Aggarwal, brother of founder Bhavish Aggarwal, serves as the trustee of Indus Trust.

Meanwhile, CMD Bhavish has committed to subscribing to his full rights entitlement. Promoter group members have also committed to subscribing to their entitlements or transferring them within the permitted categories, including to specified investors.

Earlier this month, Aggarwal pledged a 4.32% stake in Ola Electric to fund his participation in the rights issue.

03 Cr partly paid-up shares priced at ₹27 apiece. 80 through a subsequent call.



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