Ola Electric’s Bhavish Aggarwal to sell 2.8% stake to clear pledged shares; promoter group holding to slip to 34%

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Ola Electric founder and promoter Bhavish Aggarwal will offload a 2.78% stake in the company over the next few days to release 3.93% of shares he had pledged to raise a promoter-level loan of Rs 260 crore.

The first tranche of the stake sale was completed on Tuesday, when Aggarwal sold a 0.6% stake through a bulk deal for about Rs 92 crore, according to deals data published by the National Stock Exchange (NSE).

Following the transaction, Ola Electric’s shares ended the day 8.5% lower at Rs 34.20 on the NSE.

In a statement, the company said that the…



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Ola Electric’s Bhavish Aggarwal to sell 2.8% stake to clear pledged shares; promoter group holding to slip to 34%



Ola Electric founder and promoter Bhavish Aggarwal will offload a 2.78% stake in the company over the next few days to release 3.93% of shares he had pledged to raise a promoter-level loan of Rs 260 crore.

The first tranche of the stake sale was completed on Tuesday, when Aggarwal sold a 0.6% stake through a bulk deal for about Rs 92 crore, according to deals data published by the National Stock Exchange (NSE).

Following the transaction, Ola Electric’s shares ended the day 8.5% lower at Rs 34.20 on the NSE.

In a statement, the company said that the…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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