Ola Electric Mobility, in its post-market-hours filing on Wednesday, said its board has fixed the issue price for the proposed rights issue at ₹27 per equity share, including a premium of ₹17 per rights equity share. This represents a 26% discount to the stock’s Wednesday closing price of ₹36.32, with the amount payable in two calls.
The board of Ola Electric has approved a rights issue of up to ₹1,000 crore at ₹27 per share, payable in two calls. The issue price has been fixed by the board at about 26% below the current market price, giving all existing shareholders an opportunity to add to their holdings at a substantial discount, the company said in its filing on Wednesday.
The company will issue 37,02,72,665 partly paid-up equity shares with a face value of ₹10 each, aggregating to ₹999.74 crore, assuming full subscription and payment of all call monies.
The rights issue price of ₹27 per share will be payable in two calls. On application, eligible shareholders will have to pay ₹16.20 per share, comprising ₹6 towards the face value and ₹10.20 towards the premium. This represents 60% of the total issue price.
The first and final call will require an additional payment of ₹10.80 per share, comprising ₹4 towards the face value and ₹6.80 towards the premium, representing the remaining 40% of the issue price. The first and final call is expected to be completed on or before October 31, 2027.