Ola Electric Rights Issue Fully Subscribed With Two Days to Spare (October 28)

The Ola Electric rights issue got over the line with two days still left on the clock. By market close on Wednesday, October 28, investors had applied for 37,13,59,420 shares against 37,02,72,665 on offer, Business Standard reported. That makes the ₹1,000 crore issue fully subscribed well before it shuts on Friday, October 30.

The stock had already sniffed this out. Ola Electric shares have climbed 23% over the last two sessions and closed at ₹36.66 on Wednesday, according to the same report.

Ola Electric rights issue: the terms in one place

The details come straight from the company’s board meeting outcome filed with NSE and BSE on October 7. Shareholders are being offered partly paid-up shares of ₹10 face value at ₹27 each, which includes a premium of ₹17. The full issue works out to ₹9,99,73,61,955, assuming every share is taken up and every call is paid.

Here’s the bit retail holders should not miss. You don’t pay the whole ₹27 now. The filing splits it into:

• ₹16.20 on application, which is 60% of the issue price
• ₹10.80 on a first and final call, which is 40% of the price and is expected to be completed on or before October 31, 2027

The board has kept the right to change that call schedule. The record date for entitlements was October 13, the issue opened on October 22, and the last day for on-market renunciation of rights entitlements was October 26, per the filing. Business Standard reported the entitlement ratio as 2 rights shares for every 25 fully paid-up shares held.

Why the ₹27 price mattered

When the price was announced, the market didn’t take it kindly. The stock fell 10% that day, and the ₹27 issue price was set at a discount of about 26% to the previous day’s close, Business Standard reported at the time. A deep discount is how companies make sure a rights issue gets taken up, but it also tells you where the board thought demand would sit.

Three weeks later the picture looks different. With the stock at ₹36.66, the rights price sits well below the market, which helps explain why bids came in early.

The promoter showed up

Founder Bhavish Aggarwal participated fully in the issue, Business Standard said. He holds 26.5% of the company directly, and total promoter holding is 32.9%. When a promoter takes up his full entitlement, it removes one of the bigger doubts that hangs over any rights issue.

This is also not the first fundraise of the year. The company had an enabling approval to raise up to ₹1,500 crore, of which ₹780 crore came through a QIP in June 2026, Livemint reported.

What this means for shareholders

Let’s keep the rally in perspective. Even after the recent bounce, Ola Electric shares are down 27.82% over one year, Livemint’s data shows. A fully subscribed rights issue means the money is coming in. It doesn’t by itself fix the business.

On that front, Business Standard pointed to the company’s shift from direct-to-consumer selling to a dealer network, which is expected to add sales momentum and improve service execution. The paper called service a major factor in the market backlash against the company. Whether that shows up in volumes over the next few quarters is the real test.

If you hold the shares and haven’t decided, Friday is the deadline. Remember that applying means paying ₹16.20 a share now and another ₹10.80 later, so plan the cash for both. If you are new to how these offers work, our explainer on rights issue vs IPO covers the basics, and our guide to risk management in trading is worth a read before you add to a volatile position.

Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making any investment decision.