Ola Electric rights issue sees Motilal Oswal apply for 2.39 crore shares on opening day

Motilal Oswal Financial Services and Calliope Capital Advisors have placed bids for a combined 2.39 crore shares on the first day of Ola Electric Mobility's ₹1,000-crore rights issue.

The institutional commitment comes through rights entitlements renounced by promoter-linked entities, signaling continued financial backing for domestic clean-mobility infrastructure. In a disclosure under regulatory requirements, Ola Electric confirmed that both investors applied for the full quota of entitlements transferred to them on Thursday.

ANI Technologies, the parent firm of Ola Cabs and part of the promoter group, renounced 1,28,33,054 rights entitlements in favour of Motilal Oswal Financial Services. Separately, Indus Trust renounced 1,10,22,422 rights entitlements in favour of Calliope Capital Advisors. Together, the two applications account for 2,38,55,476 entitlements.

Key terms of the ₹1,000-crore rights issue

Ola Electric’s board approved the issuance of up to 37.03 crore partly paid-up equity shares at ₹27 per share, set at a face value of ₹10 alongside a ₹17 premium. The issue opened on 22 October and will close on 30 October, with rights entitlement trading permitted until 26 October.

Under the offer ratio, eligible investors holding shares as of the 13 October record date can subscribe to two additional shares for every 25 shares held.

Investors pay ₹16.20 per share upfront upon application, while the remaining balance of ₹10.80 per share will be collected by October 2027. If the offer is fully subscribed, Ola Electric’s total share base will expand from 4.63 billion to nearly 5 billion shares.

Strengthening India's electric vehicle ecosystem

The capital raise reflects broader momentum across India's domestic electric vehicle manufacturing sector, supported by robust policy frameworks and expanding charging infrastructure across major urban centres.

The ₹1,000-crore issue follows a successful ₹780-crore qualified institutional placement completed in June. For the first quarter of the 2026–27 financial year, the company narrowed its net loss to ₹336 crore compared to ₹428 crore in the corresponding period last year, while generating ₹455 crore in operational revenue.

The sustained inflow of institutional capital equips domestic manufacturers to scale production capacity, localise supply chains, and reinforce India's position as a global hub for electric two-wheeler manufacturing.