Ola Electric rights issue: partly paid shares, size up to Rs 1,000.00 cr
Board approves a rights issue of partly paid-up equity shares for up to Rs 1,000.00 cr; price, ratio and record date will be decided and disclosed later.
Key takeaways
- Rights issue of partly paid-up equity shares of face value ₹10 each approved by the Board.
- Total rights issue size will not exceed Rs 1,000.00 cr (Rupees One Thousand crore only).
- Issue is to eligible equity shareholders of the Company as on the record date.
- Record date, rights price, entitlement ratio and timing will be decided and disclosed later.
- Board meeting on September 28, 2026 ran from 17:45 PM (IST) to 18:30 PM (IST).
Key terms
- Action
- Rights issue
- Terms
- Amount not exceeding Rs 1,000.00 cr
- Partly paid-up equity shares of face value ₹10 each
- Specific price, ratio and record date to be disclosed in due course
Ola Electric Mobility Limited has moved from planning to execution on its capital raise, with the board formally approving a rights issue of partly paid-up equity shares.
According to the board's outcome letter dated September 28, 2026, the issue will be offered to existing shareholders, but key commercial terms are still to be fixed.
Key terms (as disclosed so far)
- Type of issue: Rights issue to eligible equity shareholders of the Company as on the record date (to be determined and notified subsequently), as stated in the board's outcome letter and Annexure A.
- Type of security: Partly paid-up equity shares of the Company of face value ₹10 each, as per point 1 of the board's outcome letter and item I of Annexure A.
- Issue size: Amount not exceeding Rs 1,000.00 cr (Rupees One Thousand crore only), as stated in point 1 of the board's outcome letter and item III of Annexure A.
- Rights price: To be determined by the Board and disclosed later (no price is specified in the filing).
- Rights entitlement ratio: To be determined by the Board and disclosed later (no ratio is specified in the filing).
- Record date: To be determined and notified subsequently, as stated in point 1 of the board's outcome letter.
- Timing and payment terms: To be determined by the Board and disclosed later, as noted in the board's outcome letter.
What this means for shareholders
The board has considered and approved, subject to regulatory and statutory approvals, "the issue of partly paid-up equity shares of the Company of face value ₹10 each for an amount not exceeding Rs 1,000.00 cr (Rupees One Thousand crore only) by way of a rights issue to the eligible equity shareholders of the Company as on the record date (to be determined and notified subsequently)", according to point 1 of the board's outcome letter.
Eligibility will be based on the record date, which has not yet been announced. Shareholders whose names appear on the Company's register of members or in the depository records as on that record date will be treated as "eligible equity shareholders" for the rights issue, in line with the description in Annexure A that the rights issue is "to the eligible equity shareholders of the Company as on the record date".
The filing makes clear that several critical details are still to come. The board's outcome letter states that "the specific and detailed terms in relation to the rights issue, including but not limited to the determination of the rights issue price, rights entitlement ratio, record date, timing of the rights issue and terms of payment and other related matters will be determined by the Board and authorised in this regard and shall be disclosed to the exchange in due course."
No stated rationale in the filing
The documents released — the outcome letter and Annexure A — focus on the structure of the proposed issue and the regulatory disclosures required under Regulation 30 of the SEBI Listing Regulations and the SEBI Master Circular. They do not set out a specific business rationale or intended end-use of proceeds in this communication.
Process and regulatory context
The company notes that the approval is "subject to such regulatory and statutory approvals, if and as may be required under the applicable law", referencing the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, the Companies Act, 2013 and other applicable laws in the board's outcome letter.
The meeting of the board of directors to approve the rights issue commenced at 17:45 PM (IST) and concluded at 18:30 PM (IST) on September 28, 2026, as disclosed in the outcome letter. The company has also stated that this intimation will be made available on its website at the investor relations announcements link mentioned on page 2 of the filing.
Investors will need to watch for a follow-up announcement that will specify the record date, rights price, entitlement ratio, and the detailed timetable for the rights issue.
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