Ola Electric Allots 37 Crore Partly Paid-Up Shares Under Rights Issue

Ola Electric announced that its Rights Issue Committee has approved the allotment of 37,02,72,665 partly paid-up equity shares on a rights basis to eligible shareholders. The allotment decision was finalized on Monday, following the completion of the basis of allotment in consultation with the designated stock exchange, the National Stock Exchange of India.

The shares have been allotted at an issue price of Rs 27 per equity share, which includes a premium of Rs 17 per share. Out of the total issue price, an amount of Rs 16.20 per share, comprising Rs 6 toward face value and Rs 10.20 toward share premium, was collected on application. The remaining balance amount will be payable by allottees upon subsequent calls as defined in the company's letter of offer.

Following the allotment, the total paid-up equity share capital of the company increased from Rs 4,628.41 crore to Rs 4,850.57 crore. The expanded share capital now consists of 4,62,84,08,313 fully paid-up equity shares along with 37,02,72,665 partly paid-up equity shares with Rs 6 paid-up per share.