Bhavish Agarwal Backed EV-stock under Rs 60: Promoter Pledges 10.71 Crore Shares to Secure Krutrim Data Centre Debentures

Ola Electric Mobility Limited (OLAELEC), a key player in India’s electric vehicle market, has announced that its promoter has pledged 10,71,70,404 equity shares of the company to secure debentures issued by Krutrim Data Centre Private Limited.

The pledged shares represent 2.43 per cent of the company’s total equity share capital and 8.09 per cent of the promoter shareholding. The pledge has been created in favour of Axis Trustee Services Limited, acting for the benefit of multiple financial entities, including Avendus Structured Credit Fund II, Avendus Finance Private Limited, Incred Credit Opportunities Fund I, Incred Credit Opportunities Fund II, and India Credit Opportunities Fund II, along with any of their future transferees.

This fresh pledge replaces an existing non-disposal undertaking (NDU) over the same shares. The move follows the expiry of the lock-in period on certain promoter shares that were in excess of the minimum promoter contribution, as per SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. With the pledge creation completed, the earlier NDU will be released.

The company also highlighted that during this transition, both the new pledge and the unreleased NDU may temporarily appear together in depository and stock exchange records. Once the NDU release is updated in the system, duplication will be removed.

Ola Electric had earlier disclosed details of the NDU encumbrance on December 02, 2024 and March 06, 2025 to the stock exchanges. 

The stock price has given 49 per cent returns from its 52-week low.

Disclaimer: The article is for informational purposes only and not investment advice.