Ola Electric’s board on Monday approved a rights issue of partly paid-up equity shares worth up to Rs 1,000 crore. The shares carry a face value of Rs 10 each.

The company plans to use about Rs 350 crore to repay debt. Around Rs 400 crore will fund organic growth. The rest will go to general corporate purposes.

Founder Bhavish Aggarwal confirmed he will subscribe to his rights entitlement. The promoter group holds about 32.97 per cent of the company. It may pledge shares as part of the process.

This is the second fundraise in months. Ola raised Rs 780 crore through a QIP in June 2026. A board meeting on October 5 will fix the terms of the rights issue. The annual general meeting is set for September 30.

The stock closed at Rs 37.87 on Monday, about 50 per cent below its Rs 76 IPO price. Its market share fell to 6.1 per cent in September amid rising competition.