Ola Electric’s founder, Bhavish Aggarwal, has pledged an additional 5.88 crore shares of his stake to secure debt financing for his artificial intelligence startup, Krutrim. This follows a recent pledge of 4.83 crore shares (around 1.10% of Ola Electric) made three months earlier.
Aggarwal has signed a non-disposal undertaking for these newly pledged shares concerning debentures issued by Krutrim on February 21 and 24. These debentures were issued to multiple financial entities, including Avendus Structured Credit Fund II, Avendus Finance Private Limited, Incred Credit Opportunities Fund I and II, and India Credit Opportunities Fund II.
The committment made earlier had already pledged 4.83 crore shares of Ola Electric to Axis Trustee Services Limited, acting on behalf of Avendus Structured Credit Fund II and Avendus Finance Private Limited.
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With this latest pledge, Aggarwal has now pledged a total of 2.43 per cent of Ola Electric’s shares (8.09%)of his personal stake in the company to raise capital for Krutrim.
The shares of Ola Electric closed at ₹56.40, down by 0.53 on BSE yesterday.