Ola Electric Chairman and Managing Director Bhavish Aggarwal has pledged 4.32 per cent stake in the firm to participate in its rights issue, approved by the firm’s Board on September 28.

 In a statement on Sunday, the firm said, “This pledge is solely to fund his subscription to the issue, and there

are no other pledges to his securities currently; no shares are being sold. The promoter will invest alongside all other shareholders on the same terms.” As shown in filings, 20 crore shares held by Aggarwal are being pledged against nonconvertible debentures issued by Krutrim Data Centre Private Limited, in favour of CTL Trusteeship Limited.