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.
Renouncing a rights entitlement means transferring the right to subscribe to new shares to another investor. Earlier this month, Agarwal pledged a 4.32% stake in Ola Electric to fund his participation in the rights issue.
Earlier this month, Ola Electric approved the rights issue at ₹27 per equity share, including a premium of ₹17 per share. This represents a 26% discount to the stock’s Wednesday closing price of ₹36.32, with the amount payable in two instalments.
The latest fundraising comes just three months after Ola Electric raised ₹780 crore through a qualified institutional placement (QIP) in June.
Ola Electric rights issue: Key dates, payment structure and shareholding impact
The rights issue opened on Thursday, October 22, and is scheduled to close on Friday, October 30, 2026. The last date for trading rights entitlements on the stock exchanges will be Monday, October 26, 2026. The company will issue 37.03 crore partly paid-up shares under the offer.
The rights issue price of ₹27 per share will be payable in two installments. 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. This represents the remaining 40% of the issue price, the company said in its earlier filings.
Ola Electric had 4,62,84,08,313 outstanding equity shares before the rights issue. Assuming full subscription and payment of all call monies, the number of outstanding equity shares will increase to 4,99,86,80,978 following the issue.
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