Bhavish Aggarwal Clears Debts with Strategic Share Sale

Bhavish Aggarwal, founder of Ola Electric, sold part of his personal shares to release promoter-level pledges amounting to Rs 260 crore. The move restores 3.93% pledged shares, reducing promoter group holding in Ola Electric to slightly over 34%. The transaction, unrelated to the company, supports AI startup Krutrim.

In a strategic financial move, Bhavish Aggarwal, the founder of Ola Electric, has sold a portion of his personal shareholding to eliminate promoter-level debt commitments totaling Rs 260 crore.

This transaction, which involved monetizing a small part of Aggarwal's holdings, will release 3.93% of previously pledged shares, effectively freeing the founder from personal debts.

The stakes held by promoters in Ola Electric will decrease to just above 34% following this sale, which is separate from the company's operations and financial strategies, thereby ensuring continuity in its electric mobility ventures.

(With inputs from agencies.)