Ola Electric Looks To Raise Rs 1,700-Crore Debt Within A Year Of IPO

Ola Electric Mobility Ltd. is eyeing a debt fundraising in less than a year since its initial public offering.

The board of the Bengaluru-based EV maker approved a proposal to raise up to Rs 1,700 crore by way of term loans, non-convertible debentures or any other debt securities in one or more tranches on a private placement basis, according to an exchange filing on Thursday. The fundraising has to be within the borrowing limits approved by shareholders.

On Thursday, Ola Electric shares closed 0.27% higher at Rs 51.50 apiece on the BSE even as the benchmark Sensex ended the day 0.79% lower at 80,951.99 points.