Motilal Oswal Financial Services and Calliope Capital Advisors, an investment vehicle associated with the Motilal Oswal group, have applied for a combined 2.39 crore shares in Ola Electric’s ₹1,000 crore rights issue on the first day of the offer, which opened on Thursday.
The electric two-wheeler maker said in an exchange filing that ANI Technologies Private Limited, a member of Ola Electric’s promoter group and the parent company of Ola Cabs, renounced 1,28,33,054 rights entitlements in favour of Motilal Oswal Financial Services. The financial services company applied for all the entitlements it received.
Separately, Indus Trust, acting through its trustee Ankush Agarwal, renounced 1,10,22,422 rights entitlements in favour of Calliope Capital Advisors. Calliope Capital also applied for all the entitlements transferred to it.
Calliope Capital Advisors LLP is an investment vehicle owned by Navin Agarwal, group managing director of Motilal Oswal Financial Services. Together, the two investors applied for 2,38,55,476 rights entitlements, equivalent to approximately 2.39 crore shares. The filing confirmed the applications but did not specify the investors’ reasons for applying.
The latest fundraising comes just three months after Ola Electric raised ₹780 crore through a qualified institutional placement (QIP) in June.