AgenciesMasayoshi Son-led SoftBank Group has pared its stake in electric scooter maker Ola Electric to 15.68% from 17.83% by offloading 2.15% over the past two months, according to a stock exchange filing on Thursday.
SoftBank, the second-largest shareholder in the Bengaluru-based company after founder Bhavish Aggarwal, sold 94.9 million shares through multiple transactions between July 15 and September 2.
The sale price of the shares was not disclosed.
Other major investors in Ola Electric include Tiger Global Management, Alpha Wave Ventures and Z47 (formerly Matrix Partners India). Both Z47 and Tiger Global, early backers of the company, also pared their stakes between April and June.
Z47 offloaded less than a 1% stake, earning up to Rs 187 crore, while Tiger Global’s Internet Fund II reduced its holding to 3.24% at the end of June, from 3.45% three months earlier.
Prior to this, in June, Hyundai Motor Company and Kia Corporation offloaded around 108 million and 27 million shares, respectively, raising Rs 552 crore and Rs 137 crore.
In the June quarter, Ola Electric’s operating revenue nearly halved year-on-year, while losses widened as sales weakened amid increasing competition in India’s electric two-wheeler market. The company reported a net loss of Rs 428 crore on revenue of Rs 828 crore for the first quarter of this financial year. Vehicle deliveries fell to 68,192 units from 125,198 units a year earlier.
In a relief for the company, which has been grappling with challenges including regulatory scrutiny and consumer complaints, Ola Electric last month secured compliance certification under the Production Linked Incentive (PLI) scheme for its Gen 3 scooter portfolio. This makes the company eligible for incentives ranging from 13-18% of the sales value of these scooters.
Earlier, at its first annual general meeting since listing, Ola Electric received shareholder approval to reallocate proceeds from its initial public offering and extend the timeline for their deployment.
Shares of Ola Electric Mobility closed 6.34% down at Rs 64.59 apiece on the BSE on Thursday, when the benchmark index ended the session with a gain of 0.19%.
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The sale price of the shares was not disclosed.
Other major investors in Ola Electric include Tiger Global Management, Alpha Wave Ventures and Z47 (formerly Matrix Partners India). Both Z47 and Tiger Global, early backers of the company, also pared their stakes between April and June.
Z47 offloaded less than a 1% stake, earning up to Rs 187 crore, while Tiger Global’s Internet Fund II reduced its holding to 3.24% at the end of June, from 3.45% three months earlier.
Prior to this, in June, Hyundai Motor Company and Kia Corporation offloaded around 108 million and 27 million shares, respectively, raising Rs 552 crore and Rs 137 crore.
In the June quarter, Ola Electric’s operating revenue nearly halved year-on-year, while losses widened as sales weakened amid increasing competition in India’s electric two-wheeler market. The company reported a net loss of Rs 428 crore on revenue of Rs 828 crore for the first quarter of this financial year. Vehicle deliveries fell to 68,192 units from 125,198 units a year earlier.
In a relief for the company, which has been grappling with challenges including regulatory scrutiny and consumer complaints, Ola Electric last month secured compliance certification under the Production Linked Incentive (PLI) scheme for its Gen 3 scooter portfolio. This makes the company eligible for incentives ranging from 13-18% of the sales value of these scooters.
Earlier, at its first annual general meeting since listing, Ola Electric received shareholder approval to reallocate proceeds from its initial public offering and extend the timeline for their deployment.
Shares of Ola Electric Mobility closed 6.34% down at Rs 64.59 apiece on the BSE on Thursday, when the benchmark index ended the session with a gain of 0.19%.
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