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Bhavish Aggarwal sells 2% of his Ola Electric holding for Rs 92 Cr

EntrackrEntrackr · 21h ago
Bhavish Aggarwal sells 2% of his Ola Electric holding for Rs 92 Cr
Medial

Bhavish Aggarwal sells 2% of his Ola Electric holding for Rs 92 Cr Ola Electric founder and CEO Bhavish Aggarwal has sold a small portion of his stake in the company through a bulk deal on the stock exchange. According to exchange disclosures, Aggarwal sold 2,62,56,748 shares, representing around 2% of his existing shareholding, at a price of Rs 34.99 per share. The transaction was valued at nearly Rs 92 crore. Aggarwal had also pledged an additional portion of his shares this month. Exchange filings show that a 3.04% stake was pledged on December 5, aggregating his total pledged shareholding to 13.3% prior to the sale. After this transaction, the company’s statement said Aggarwal undertook a one-time, limited monetisation of a small portion of his personal stake to fully repay a promoter level loan of Rs 260 crore. This will result in the release of all previously pledged 3.93% shares, removing a key overhang. “This action is taken to eliminate all promoter pledges, which can introduce avoidable risk and volatility. It is part of the founder's conviction that Ola Electric should operate with zero pledge overhang, and he should fully unwind the leverage,” the company added through the release. Prior to the transaction, Aggarwal held 1,323,960,029 shares in Ola Electric, translating to a 30.02% stake in the company. Following the sale, his shareholding has come down to 1,29,77,03,281 shares, or about 29.4%. In terms of EV sales, Ola slipped to fourth position for November with its market share shrinking to 7.19%, a stunning reversal from the top spot it held during the same month a year earlier. The company also registered a harsh 50% month-on-month drop in November, with registrations plunging to 8,254 units from 16,013 in October. For the second quarter of the ongoing fiscal year FY26, Ola Electric’s revenue fell 46% to Rs 660 crore, while losses widened to Rs 418 crore. Ola Electric’s stock touched its lowest level ever earlier this month, representing a 70% erosion in value within just twelve months. It was at its peak as the firm stock hit an all-time high of Rs 100.40 on Dec 17, 2024. As of December 16, Ola Electric’s shares were trading at Rs 34.20 apiece, giving the company a market capitalization of Rs 15,085 crore ($1.6 billion).

Bhavish Aggarwal pledges Ola Electric shares for Krutrim’s debt

EntrackrEntrackr · 1y ago
Bhavish Aggarwal pledges Ola Electric shares for Krutrim’s debt
Medial

Ola Electric’s founder Bhavish Aggarwal has pledged his Ola Electric shares to raise debt funding (via issuing debentures) for its artificial intelligence startup Krutrim SI Designs. Bhavish Aggarwal, the promoter, entered into an agreement with Axis Trustee and Krutrim Data Center Private Limited on November 23. The agreement aims to provide assurance regarding certain debentures issued by Krutrim Design, Ola Electric’s internal document accessed by Entrackr show. As per the document, Bhavish Aggarwal held 132.39 crore shares of Ola Electric, accounting for 30.02% of the company. He pledged 4.83 crore shares, representing 1.10% of Ola Electric's equity or 3.65% of his total shareholding, as an encumbrance. Entrackr has reached out to Ola Electric for more details. Artificial intelligence startup Krutrim SI Designs has raised around $75 million to date and entered into a coveted unicorn club this year. Its investors include Z47 (formerly Matrix), Sarin Family, and others. On Monday, Aggarwal revealed plans to open 4,000 Ola Electric stores in December. Ola Electric is currently trading at Rs 91.79 with a total market capitalization of 40,487 crore (approximately $4.82 billion). In Q2, Ola Electric recorded a 26% decline in its operating revenue to Rs 1, 214 crore when compared to Rs 1,644 crore in Q1 FY25. However, the firm registered 39% year-on-year increase in revenue from Rs 873 crore in Q2 FY24. The company posted a net loss of Rs 495 crore during the September quarter.

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