Bhavish Aggarwal Secures Future by Releasing Pledged Shares

Bhavish Aggarwal has monetized a portion of his personal shareholdings, releasing Rs 260 crore of pledged shares. This move eliminates promoter-level debt and maintains over 34% control in Ola Electric. The decision underlines his commitment to the company's electric mobility and clean energy strategy.

Bhavish Aggarwal, the founder of Ola Electric, has successfully released a Rs 260 crore pledge by monetizing a limited part of his shareholdings, company sources confirmed. This financial move significantly reduces promoter-level debt, affecting 3.93% of previously pledged shares.

The decision was executed at the promoter level, ensuring no impact on Ola Electric's operations or management. Aggarwal's stake in the company remains robust at over 34%, reinforcing his long-term commitment to the electric mobility sector and clean energy initiatives.

This move aligns Aggarwal with other industry leaders who have utilized similar strategies, such as those at Apollo Hospitals and Hindustan Zinc, enhancing the stability of their respective enterprises.

(With inputs from agencies.)