ETtech Explainer: Why Bhavish Aggarwal is selling Ola Electric shares to release pledged stock

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Ola Electric founder and promoter Bhavish Aggarwal has begun selling a part of his stake in the company to release pledged shares tied to a promoter-level loan. The company on Tuesday notified the exchanges that Aggarwal plans to sell a 2.78% stake to release 3.93% of the shares that were pledged against loans worth about Rs 260 crore.

The first tranche of the sale was executed through a bulk deal, in which he sold a 0.6% stake for around Rs 92 crore.

ET explains what led to this development.

Q: Why did Aggarwal pledge his Ola Electric shares?

The…



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ETtech Explainer: Why Bhavish Aggarwal is selling Ola Electric shares to release pledged stock



Ola Electric founder and promoter Bhavish Aggarwal has begun selling a part of his stake in the company to release pledged shares tied to a promoter-level loan. The company on Tuesday notified the exchanges that Aggarwal plans to sell a 2.78% stake to release 3.93% of the shares that were pledged against loans worth about Rs 260 crore.

The first tranche of the sale was executed through a bulk deal, in which he sold a 0.6% stake for around Rs 92 crore.

ET explains what led to this development.

Q: Why did Aggarwal pledge his Ola Electric shares?

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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