Investment30 Sept 2025, 05:11 pm
Ola Electric Mobility's Subsidiary to Raise INR 877.64 Crores via Preference Shares
AI Summary
Ola Electric Mobility Limited has announced that its wholly owned subsidiary, Ola Electric Technologies Private Limited, will raise funds by issuing up to 87,76,40,000 non-cumulative and non-participating 0.001% Series A Optionally Convertible Redeemable Preference Shares ('OCRPS') worth INR 8,77,64,00,000 to Ola Cell Technologies Private Limited, another subsidiary of the company. This decision was approved in a board meeting and an extraordinary general meeting held on September 30, 2025. The funds will be raised through a preferential issue in one or more tranches on a private placement basis.
Key Highlights
- Ola Electric Technologies Private Limited to raise INR 877.64 crores through issuance of OCRPS
- Funds to be raised from Ola Cell Technologies Private Limited, another subsidiary of the company
- Approval for the fundraising obtained from the board and shareholders in separate meetings
- Funds to be raised through preferential issue in one or more tranches on a private placement basis
- This decision is a part of the approved variation of objects/terms of utilization of the Initial Public Offering (IPO) proceeds