Ola Electric Shares Surge: Bhavish Aggarwal Releases Rs 260 Cr Promoter Pledges

Ola Electric Mobility's shares are in the spotlight on Wednesday after the founder, Bhavish Aggarwal, according to a PTI source, has now sold all his promoter-level shares of Rs 260 crore, which were previously collateralized.

The decision was to do a small part of selling the shares of Aggarwal which are in his name, still, the control by promoters is not lessened. After the operation, the promoter group still has more than 34% of the company, thus being one of the largest shareholders among new-age Indian companies that are listed.

Since the shares were pledged, the company has received a stuck-up situation in monetsiation. The reason for the pledge was that the money was used to fund the development of the AI startup of Aggarwal, Krutrim, which has recently moved to cloud infrastructure and is generating cash flows. Sources claim that there are no promoter pledges expected afterward.

There is a market risk whenever a promoter pledges his shares and such risk triggers can influence the stock price to fluctuate and also affect the lending margins. Unphedging these shares eliminates such risks and thus strengthens the company's financial and governance profile. The analysts are of the view that the transaction is not going to affect Ola Electric's operations, strategy, or management structure.

This decision puts Aggarwal in the same line as other Indian promoters such as those in Apollo Hospitals and Hindustan Zinc who have sold a little bit of their shareholdings in order to unpledge their shares.

The company that produces electric vehicles has introduced the Hyperdelivery service in Bangalore, through which customers can take possession of completely registered cars on the day of purchase. This is a part of the company's Hyperservice program, which is intended to optimize the processes of registration, delivery, and customer support.

To the beginning of the present year, Ola Electric made its vehicle registration process an in-house operation that resulted in faster and more efficient delivery timelines. In addition, the manufacturer has commenced the delivery of the large quantity of scooters that are equipped with the local 4680 Bharat Cell.

The S1 Pro+ (5.2 kWh), which utilizes the 4680 Bharat Cell battery pack, is said to offer better mileage, improved safety, and better overall performance, as per the company’s claim. “Deliveries have been going on for quite some time now, and our customers are the ones to ride the first scooters in India powered by our own 4680 Bharat Cell,” the company stated, thus pointing to the significance of the event for the Indian EV industry.

Key Takeaways:

- Bhavish Aggarwal releases Rs 260 crore promoter pledges.

- Promoter holding still exceeds 34%.

- Pledged shares are to be released for AI startup funding via the transaction.

- The hyperdelivery program allows same-day registration and delivery in Bangalore.

- The mass delivery of 4680 Bharat Cell-powered scooters is in progress.