MUMBAI, India — Shares of Ola Electric Mobility Ltd. were trading close to their 52-week low on Wednesday after founder and promoter Bhavish Aggarwal sold a large block of shares through a bulk deal earlier this week, adding to existing pressure on the stock.
In early trading, Ola Electric shares were quoted around Rs 34.17, down nearly 1%. The stock has declined more than 19% over the past month and has corrected about 41% over the last three months. It is now hovering near its 52-week low of Rs 33, according to exchange data.
An exchange filing showed that Aggarwal sold approximately 2.6 crore shares as part of a one-time monetisation of a small portion of his personal holding. The company said the transaction was undertaken to fully repay a promoter-level loan of Rs 260 crore.
“Ola Electric founder-promoter has undertaken a one-time, limited monetisation of a small portion of his personal stake to fully repay a promoter level loan amounting to Rs 260 crore,” the company said in its filing.
“With this, all of the previously pledged 3.93 per cent shares will be released, removing a critical overhang,” it added.
The company said the release of the pledged shares removes a key concern that had been weighing on investor sentiment.
Despite the sale, the promoter group will continue to hold close to a 34% stake in Ola Electric, which the company noted is among the highest promoter holdings for newly listed, new-age companies.
Ola Electric also clarified that there is no dilution of promoter control, no change in corporate governance, and no impact on the company’s long-term strategy. The transaction, it said, was carried out entirely at the promoter’s personal level and does not affect the company’s operations. (Source: IANS)
