Ola share price: Stock in focus as Bhavish Aggarwal pledges 4.32% stake; here's why

Shares of Ola Electric Mobility Ltd are in focus on Monday after promoter Bhavish Aggarwal pledged 4.32 per cent stake in the electric two-wheeler maker to participate in the rights issue approved by the company board. In a filing to stock exchanges, Ola said the pledge is solely to fund his subscription to the issue and there are no other pledges to his securities currently.

No shares are being sold, it said adding that the promoter will invest alongside all other shareholders on the same terms.

The announcement comes as the company will consider raising up to Rs 1,000 crore via rights issue today. The company had informed about the October 5 meeting on September 28 and later formed Rights Issue Committee earlier. Ola shares are down 30 per cent in the past one year. The 12-month consensus target based on seven analyst targets on the stock stand at Rs 29.14, which implied 21.4 per cent potential downside from the prevailing level of Rs 37.08.

In an earlier filing, Ola had said: "We wish to inform you that a meeting of the Board of Directors of the company is scheduled to be held on Monday, October 05, 2026 or after the date of receipt of in-principle approval from the stock exchanges where the securities of the Company are listed or such other regulatory authorities as may be required, whichever is later, inter alia, to consider, discuss and decide various matters in connection with the Rights Issue of partly paid-up equity shares of the Company of face value Rs 10 each for an amount not exceeding Rs 1,000 crores."

This included, but not limited to, the specific terms of the rights issue, such as the determination of the rights issue price and related payment mechanism, rights entitlement ratio, the record date and timing of the rights issue and other related matters.