Ola Electrical plans to lift as a lot as Rs 1,500 crore by means of issuance of securities comparable to fairness shares, debentures, warrants, depository receiots and others, the EV maker knowledgeable the exchanges on Saturday, September 5.
The fundraising could also be performed by way of a public supply, rights concern, QIP, personal placement or different permitted routes, topic to shareholder and regulatory approvals.
The submitting learn, “The Board of Administrators thought of and authorised an enabling decision for elevating of funds for an mixture quantity not exceeding Rs1,500 crore by means of issuance of fairness shares of the Firm and/or securities convertible into or exchangeable for fairness shares, together with however not restricted to totally convertible debentures, partly convertible debentures, warrants and/or another securities convertible into or exchangeable for fairness shares, together with by means of concern of depository receipts.”
The Board additionally authorised to extend within the firm’s authorised share capital from Rs 8,318.50 crore to Rs 8,721.87 crore, elevating the restrict by round Rs 403.37 crore.
Along with fundraise, the EV maker knowledgeable that its Chief Operations Officer Hyun Shik Park has stepped down from place citing private causes.
The submitting talked about, “The Board famous the resignation of Mr. Hyun Shik Park as Chief Operations Officer (Senior Administration Personnel) of the Firm with impact from closing enterprise hours of September 5, 2026 as a result of private causes.”
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