New Delhi: Ola Electric Mobility on Monday said that proceeds from a one-time, limited monetisation of a portion of the promoter’s personal shareholding have been utilised to repay debt and related interest, resulting in the complete release of all promoter-level share pledges.
In a statement filed with stock exchanges, the electric two-wheeler maker said promoter-level pledges aggregating to about 3.93% of the company’s total equity have now been fully released following the debt repayment.
The company clarified that the remaining proceeds from the transaction will be used to pay applicable taxes related to the share sale in due course. Post the transaction, the promoter group continues to hold a 34.6% stake in Ola Electric.
The disclosure follows earlier company statements issued on December 16 and December 18, amid market scrutiny over promoter share transactions. Ola Electric said the monetisation was a one-time exercise and reiterated that it remains focused on building a globally competitive, India-first electric mobility and clean energy company.
The company added that the update will also be made available on its investor relations website, in line with regulatory disclosure requirements.