Ola will issue additional shares to Ola founders Bhavish Aggarwal (in photo) and Ankit Bhati to keep their composite shareholding in ANI Technologies at between 10.9% and 12.38%. According to the AoA, reviewed by Mint, Ola’s founders have secured rights to restrict the ability of its investors to increase their stake. The several restrictions referred to above may also protect some smaller Ola investors, simply by capping SoftBank’s ability to influence the course of Ola. Ola’s founders have strengthened their rights relative to SoftBank despite the fact that SoftBank has recently increased its stake in the company after pumping an additional $250 million into Ola in November. Even in Ola’s case, the new rights secured by its founders only restrict rather than neutralize SoftBank’s power at Ola.

Source: Mint May 17, 2017 18:20 UTC