Ola Electric’s Bhavish Aggarwal to sell 2.8% stake to clear pledged shares; promoter group holding to slip to 34%

Ola Electric founder and promoter Bhavish Aggarwal will offload a 2.78% stake in the company over the next few days to release 3.93% of shares he had pledged to raise a promoter-level loan of Rs 260 crore.

The first tranche of the stake sale was completed on Tuesday, when Aggarwal sold a 0.6% stake through a bulk deal for about Rs 92 crore, according to deals data published by the National Stock Exchange (NSE).

Following the transaction, Ola Electric’s shares ended the day 8.5% lower at Rs 34.20 on the NSE.

In a statement, the company said that the…