Both Ola Electric Mobility Ltd and Aegis Logistics Ltd are in the spotlight as their respective boards of directors are scheduled to hold crucial meetings today to discuss fundraising initiatives.
Ola Electric Considers Rights Issue
Ola Electric's board is set to deliberate on a proposal to raise capital through a rights issue of equity shares. This move is subject to obtaining all necessary regulatory and statutory approvals.
The company's shares have shown a mixed performance recently. While they have surged by 68 percent over the past six months, they have also seen a 29 percent decline over the last year. Analyst recommendations for Ola Electric currently lean towards a 'Sell', with a 12-month target price of Rs 29.14, suggesting a potential downside of 24 percent from current levels. Emkay Global notably issued a 'Sell' rating earlier this month with a target of Rs 30.
Aegis Logistics Explores Diverse Funding Options
Aegis Logistics' board will also meet today to evaluate various proposals for raising funds. The company is considering a broad spectrum of instruments, including the issuance of equity shares, bonds (such as foreign currency convertible bonds), American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs), debentures, and non-convertible debt instruments. Warrants, convertible debentures, and other equity-based securities are also on the table.
These fundraising efforts may encompass a Qualified Institutions Placement (QIP) or any other permissible mode, or a combination thereof, contingent on shareholder and regulatory approvals. India Ratings and Research Private Limited recently reaffirmed Aegis Logistics' credit ratings at IND AA/Positive for long-term bank loan facilities and IND A1+ for short-term facilities, reflecting a stable outlook.
Aegis Logistics shares have demonstrated robust growth, climbing by 128 percent over the past six months.