Ola Electric plans to raise as much as Rs 1,500 crore through issuance of securities such as equity shares, debentures, warrants, depository receiots and others, the EV maker informed the exchanges on Saturday, September 5.
The fundraising may be conducted via a public offer, rights issue, QIP, private placement or other permitted routes, subject to shareholder and regulatory approvals.
The filing read, "The Board of Directors considered and approved an enabling resolution for raising of funds for an aggregate amount not exceeding Rs1,500 crore by way of issuance of equity shares of the Company and/or securities convertible into or exchangeable for equity shares, including but not limited to fully convertible debentures, partly convertible debentures, warrants and/or any other securities convertible into or exchangeable for equity shares, including through issue of depository receipts."
The Board also approved to increase in the company's authorised share capital from Rs 8,318.50 crore to Rs 8,721.87 crore, raising the limit by around Rs 403.37 crore.
In addition to fundraise, the EV maker informed that its Chief Operations Officer Hyun Shik Park has stepped down from position citing personal reasons.
The filing mentioned, "The Board noted the resignation of Mr. Hyun Shik Park as Chief Operations Officer (Senior Management Personnel) of the Company with effect from closing business hours of September 5, 2026 due to personal reasons."
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