Rights issue, reverse stock split: Shares of Ola Electric Mobility Ltd and AvenuesAI Ltd will remain in action during Monday, October 12, trading session due to their upcoming corporate actions. These two firms have fixed record dates for rights issue and consolidation of shares, which is also called reverse stock split.
The two firms have fixed Tuesday, October 13, as the record date for the corporate actions. An investor must own a stock before the record date to qualify for any developments. This effectively makes, Monday, October 12, as the last day to qualify for right issue and reverse stock split.
Investors must buy Ola Electric Mobility Limited and AvenuesAI if they are willing to qualify for their respective rights issue and consolidation of shares.
Ola Electric Mobility Limited’s board of directors approved offer and issuance of partly paid-up equity shares for an amount equivalent to ₹1,000 crore via rights issue.
The board has approved 37,02,72,665 rights equity shares each for an amount aggregating to ₹9,99,73,61,955 (approximately ₹1,000 crore). Issue price is fixed at ₹27 per equity share with a face value of ₹10 each. The issue will also include a premium of ₹17 per equity shares. The board has fixed Tuesday, October 13, as the record date.