Hyundai Motors Bids Farewell to Ola Electric with Stake Sale
Hyundai Motor Company has sold its 2.47% stake in Ola Electric Mobility, raising Rs 552 crore, through open market transactions. Kia Corporation also divested its 0.62% stake. Citigroup Global Markets Mauritius acquired a 1.95% stake. Despite these movements, Ola Electric saw a 7.58% decline in its share price.
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Hyundai Motor Company, the South Korean automotive giant, has divested its 2.47% stake in Ola Electric Mobility, securing a sum of Rs 552 crore through open market transactions on Tuesday. The shares, numbering over 10.88 crore, were sold at an average price of Rs 50.70 each.
Kia Corporation, part of the Hyundai-Kia Automotive Group, similarly offloaded over 2.71 crore shares, which accounted for a 0.62% stake in the Bengaluru-based electric two-wheeler company. These shares, also transacted at Rs 50.55 per piece, brought in Rs 137.35 crore.
In contrast, Citigroup Global Markets Mauritius capitalized on the opportunity by purchasing a significant 1.95% stake in the company, amounting to over 8.61 crore shares for Rs 435 crore. These developments come as Ola Electric's stock price saw a dip of 7.58%, amid the backdrop of its ongoing net losses.
(With inputs from agencies.)
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