Ola Electric Mobility shares adjusted 3% downwards in early trade on Tuesday, October 13, as the stock turned ex-date for the company's rights issue of equity shares. According to reports from Essential Business Intelligence, the stock was trading at ₹34.64, down from the previous close of ₹35.68. The decline reflects investor concerns about the impact of the rights issue on the company's share price, despite the stock having risen over the previous two sessions from ₹34.63 on October 8 to ₹35.13 on October 9, and settling at ₹35.68 on October 12.
Ola Electric has fixed the rights issue price at ₹27 per share, representing a discount of around 26% to the reference price cited in the company's announcement. As reported by Essential Business Intelligence, the company plans to raise ₹999.74 crore through the issue, which will open on October 22 and close on October 30. Eligible shareholders will be entitled to apply for two equity shares for every 25 shares held on the record date.
The company has earmarked approximately ₹350 crore for debt repayment or prepayment and ₹400 crore for organic growth initiatives. According to reports from Essential Business Intelligence, the balance amount will be utilized for general corporate purposes. The proceeds are expected to support debt repayment, organic growth initiatives, and general corporate purposes.
Ola Electric shares declined around 10.4% over the past month and 7.97% in 2026, so far. As reported by Essential Business Intelligence, over one year, the stock was down 31.31% on the NSE. The stock traded between ₹22.25 and ₹57.95 during the past 52 weeks and currently commands a market cap of ₹17,305.4 crore.
