Motilal Oswal entities apply for 2.39 crore Ola Electric shares in Rs 1,000-crore rights issue

Motilal Oswal Financial Services and Calliope Capital Advisors, an investment vehicle associated with Motilal Oswal, have applied for a combined 2.39 crore shares under Ola Electric Mobility’s Rs 1,000-crore rights issue on the opening day on Thursday.

According to a stock exchange filing, Motilal Oswal applied for 1.28 crore shares and Calliope Capital for 1.10 crore. The rights entitlements were renounced in favour of the investors by two Ola Electric promoters — ANI Technologies, the parent of Ola Cabs, and Indus Trust.

Earlier this month, the electric two-wheeler maker finalised the terms of its Rs 1,000-crore rights issue, setting the price at Rs 27 per share, a 26% discount to its market value. The company will issue 37.03 crore partly paid-up shares under the offer.


Partly paid-up equity shares are stocks for which the investor does not pay the full issue price upfront, and the company collects the remaining amount later on specified dates. Shareholders will pay Rs 16.20 per share upfront, while the remaining Rs 10.80 will be paid later. The company plans to collect the remaining amount by October 31, 2027, it has said in previous filings.

The rights issue, which opened on Thursday, will close on October 30. Shareholders can sell or transfer their rights entitlement in the market until October 26.

The latest fundraising comes just three months after Ola Electric raised Rs 780 crore through a qualified institutional placement (QIP) in June. The company had initially planned to raise Rs 500 crore through that issue. In June, its rival Ather Energy approved plans to raise up to Rs 2,500 crore through a QIP and other equity-linked instruments.

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Ola Electric has been looking to strengthen its balance sheet as it attempts to expand its electric two-wheeler business amid intensifying competition. TVS Motor, Bajaj Auto, Ather Energy, and Hero MotoCorp have steadily gained share, pushing Ola Electric to fifth position in monthly registrations.

For the first quarter of FY27, the company reported operational revenues of Rs 455 crore, down from Rs 828 crore a year earlier, as vehicle registrations dipped sharply during this period. Its net loss narrowed to Rs 336 crore from Rs 428 crore a year ago.

In September, Ola Electric sold 12,894 electric two-wheelers, giving it a 6.5% market share, according to Vahan vehicle registration data, which is a proxy for sales. Its market share was 7.6% in August.