SoftBank offloads Ola Electric rights entitlements as EV maker seeks Rs 1,000 crore
In a separate filing, Ola Electric said Motilal Oswal Financial Services and Calliope Capital Advisors had applied for a combined 2.39 crore shares under the rights issue.
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SVF II Ostrich (DE) LLC, an investment vehicle of SoftBank, sold 82.93 lakh rights entitlements at Rs 3.64 apiece on October 22 and another 38.08 lakh at Rs 2.28 apiece on October 23, according to NSE data.
Rights entitlements give eligible shareholders the option to buy additional shares in a company during a rights issue. They can also be traded in the market. SoftBank’s sale of these entitlements does not, by itself, mean it has sold its existing Ola Electric shares.
Ola Electric's Rs 1,000-crore rights issue opened on October 22 and will close on October 30. The company is offering 37.03 crore partly paid-up shares at Rs 27 apiece, in the ratio of two shares for every 25 held. Shareholders are required to pay Rs 16.20 per share upfront, with the remaining amount payable later.
In a separate filing, Ola Electric said Motilal Oswal Financial Services and Calliope Capital Advisors had applied for a combined 2.39 crore shares under the rights issue. The two investors acquired the rights entitlements from promoter-group entities ANI Technologies and Indus Trust.
Meanwhile, founder Bhavish Aggarwal pledged part of his Ola Electric shareholding to raise funds for his participation in the rights issue. A pledge means the shares are being used as collateral; it is not the same as selling them.
The latest fundraise follows Ola Electric's Rs 780-crore qualified institutional placement in June 2026.
The company continues to face pressure on its business. Its operational revenue fell to Rs 455 crore in the June quarter of FY27 from Rs 828 crore a year earlier, while its net loss narrowed to Rs 336 crore from Rs 428 crore.