New Delhi, Dec 18 (PTI) Ola Electric on Thursday confirmed the completion of a one-time, limited monetisation of a portion of the founder’s personal shareholding, undertaken to fully repay a promoter-level
loan of around Rs 260 crore.
The transaction has resulted in the release of all 3.93 per cent shares that were previously pledged, bringing the promoter’s pledge in the company to zero, the Bengaluru-based firm said in a statement.
The company said the monetisation was a planned, time-bound exercise executed entirely at the promoter’s personal level and was carried out in tranches.
Post completion of the transaction, the promoter group continues to hold more than 34.5 per cent in Ola Electric, which remains amongst the highest promoter ownership levels across new-age listed companies, it added.
Ola Electric emphasised that the transaction does not involve any dilution of promoter control and reflects no change in the founder’s long-term conviction in the company.
The stated objective of the exercise was to eliminate promoter-level leverage and remove any pledge-related overhang, which can introduce avoidable risk and volatility, particularly for recently listed companies, it added.
The company also clarified that the stake sale has no impact on Ola Electric’s operations, governance framework, or strategic direction..
All actions were undertaken at the promoter’s personal level, with no bearing on the company’s balance sheet or business plans, it stated.
With the promoter pledge fully unwound, Ola Electric said its focus remains firmly on execution and on building a globally competitive, India-first electric mobility and clean energy company.
The removal of the pledge overhang is expected to improve transparency and provide greater clarity to shareholders and the market going forward, it noted. PTI MKT MSS MR
