Ola Electric shares rise as rights issue gets fully subscribed

Ola Electric Mobility Limited shares went up by 4.95 percent to close at 36.68 rupees on Wednesday on the BSE, marking five straight days of gains. The electric vehicle maker's stock has jumped about 11 percent over the past week as its fund-raising plan moves toward the end date.

Rights Issue

The company's one thousand crore rupee rights issue was fully subscribed by the market close on Wednesday, October 28. Investors bought over 37.13 crore shares against the 37.02 crore shares that were offered. The issue price was set at 27 rupees per share, which includes a face value of 10 rupees and a premium of 17 rupees. The share sale opened on Thursday, October 22, and will close on Friday, October 30.

Company Background

The board first approved this fund-raising plan on September 28, and the firm had earlier planned to raise up to 1,500 crore rupees, with 780 crore rupees already raised through a QIP in June 2026. Led by Bhavish Aggarwal, the firm saw its market value reach 18,335.16 rupees on Wednesday. Even with the recent weekly jump, the stock is down over the past month, year, and two years.

Context

A rights issue lets a company offer current shareholders the chance to buy extra shares at a set price, helping the firm raise fresh money. Companies often use these funds to support business growth, pay off debt, or fund ongoing operations.