On December 19, Ola Electric Mobility's stock increased by 10% following the company's confirmation of a restricted monetization of the founder's shares to pay back a loan of ₹260 crore, which eliminated any promoter pledges. The company's activities are unaffected by the promoter group's 34.6% ownership.
Following the company's confirmation of the completion of a one-time, restricted monetization of a portion of the founder's personal shareholding, Ola Electric Mobility's share price increased 10% in intraday transactions on Friday, December 19. The goal of the activity was to pay back a promoter-level loan of about ₹260 crore in full.
According to the Bengaluru-based EV manufacturer, the deal resulted in the release of all 3.93% of the previously pledged shares, reducing the promoter's stake in the business to zero.
"Ola Electric certifies that the promoter has finished the limited, one-time monetization of a little percentage of his own stock. According to a press release, the transaction was carried out only to fully settle a promoter-level debt of about ₹260 crore and to release all 3.93% shares that had previously been pledged, effectively erasing all promoter promises.
The promoter group still owns 34.6% of Ola Electric after the deal, with no promoter dilution.
control or alteration in a sustained commitment. According to the corporation, this was a planned, time-bound exercise that was carried out solely at the promoter's personal level and has no bearing on the operations, performance, or strategic direction of the business.
It further stated that Ola Electric is still committed to developing a clean energy and electric mobility business that is India-first and globally competitive.
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