Bhavish Aggarwal pledges 20 crore Ola shares to fund his rights issue investment

Companies No. 65 14 October 2026 · 2 min read

On 30 September 2026, Bhavish Aggarwal pledged 20 crore Ola Electric shares to borrow money for his share of the company's ₹1,000 crore rights issue.

A pledge means borrowing against shares. The owner keeps them, but the lender can sell them if the loan isn't repaid. If the share price falls, the lender may demand more shares or cash.

Ola is offering 2 new shares for every 25 held, at ₹27 each, about 26% below the market price. Bhavish's 122.75 crore shares entitle him to buy 9.82 crore new shares for ₹265 crore. If he doesn't participate, his stake falls from 26.52% to 24.56%. He has committed to buying his full entitlement.

Instead of selling Ola shares to raise the money, Bhavish is borrowing against them. Krutrim Data Centre, a company in his promoter group, is raising money by issuing debentures to Avendus Finance and InCred. The money is meant to fund his investment. The loan amount and interest rate haven't been disclosed.

The pledged shares were worth ₹738 crore at Ola's 30 September closing price of ₹36.92, about 2.8 times the ₹265 crore he needs. They represent 16.3% of his Ola holding.

Bhavish has done this before. He previously pledged Ola shares to back Krutrim's borrowings, but later sold part of his stake to repay a ₹260 crore loan. All those pledges were released. 9 months later, his shares are pledged again.

Ola plans to use ₹350 crore from the rights issue to repay its own loans, which carry interest of 11.70% to 13.80% a year. Part of the money coming in to repay that debt is itself being borrowed against Ola shares. If the borrowing isn't repaid, lenders can sell the pledged shares, potentially pushing Ola's share price down.

Bhavish Aggarwal cleared his Ola pledges, then pledged again

Each step in his pledges of Ola Electric shares since 2024. All were released in December 2025, and 9 months later 20 crore shares were pledged.

Bhavish Aggarwal's Takeover Regulation disclosures and Ola Electric's statements (BSE) · Nov 2024 to Oct 2026

Bhavish Aggarwal pledged 1 in 6 of his Ola shares

His Ola Electric shares, split by whether they are pledged. The 20 crore pledged secure Krutrim Data Centre's new debentures.

CRORE OLA ELECTRIC SHARES HELD BY BHAVISH AGGARWAL

Pledged20.00 16.3%
Not pledged102.75 83.7%

The 20 crore pledged are 4.32% of Ola Electric. His 122.75 crore are 26.52% of its 462.84 crore shares.

Bhavish Aggarwal, pledge disclosure under SEBI Takeover Regulation 31(1), 5 October 2026 (BSE) · 30 Sep 2026

Line chart of Ola Electric's daily closing price on NSE from its listing on 9 August 2024 to 12 October 2026, with Bhavish Aggarwal's pledge steps numbered. 1: listed 9 Aug 2024 at the ₹76 IPO price, closing ₹91.20; the price peaked at ₹146.38 on 19 Aug 2024. 2: Nov 2024, 4.84 crore shares tied up, ₹73.42. 3: Feb 2025, 10.72 crore in all, ₹60.90. 4: Dec 2025, he sells part of his stake and all pledges are released, ₹34.48. The price dipped below the ₹27 rights price in early 2026, to a low of ₹22.80 on 30 March. On 30 Sep 2026, when 20 crore shares were pledged, it closed at ₹36.92, about half the ₹73.42 at the first pledge.

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