Ola Electric To Consider Fundraising Via NCDs On May 22 Amid Stock Slump

Ola Electric Mobility Ltd. is eyeing a fundraising amid a stock slump.

The board of directors of the Bengaluru-based EV maker will meet on Thursday to consider a proposal to raise funds via non-convertible debentures, or any other instrument, in one or more tranches on a private placement basis, according to an exchange filing on Monday.

The move comes even as the company’s stock has traded below its IPO price of Rs 76 per share since Jan. 22, amid declining market share and demand for its electric two-wheelers, as well as a bevy of regulatory issues — from misreporting of sales to hundreds of stores operating without necessary documentation.

On Monday, Ola Electric shares closed 0.82% higher at Rs 52.56 apiece on the BSE even as the benchmark Sensex ended the day 0.33% lower at 82,059.42 points.