Ola Electric Increases Authorized Capital by ₹403 Cr, Approves ₹1500 Cr Fundraise

Ola Electric Mobility Ltd's Board of Directors approved an increase in authorized share capital from ₹8,318.50 Cr to ₹8,721.87 Cr, a rise of approximately ₹403.37 Cr. This necessitates an alteration to Clause V of the company's Memorandum of Association. Additionally, the board approved an enabling resolution to raise funds up to ₹1,500 Cr through the issuance of equity shares or convertible securities via various permissible modes, subject to shareholder and regulatory approvals. The meeting also noted the resignation of COO Mr. Hyun Shik Park and approved the re-appointment of two Independent Directors, Mr. Manoj Kumar Kohli and Ms. Shradha Sharma, for a second five-year term.