Ola Electric Secures Approval for Rs 878 Crore Fund Raise

Ola Electric Mobility's unit has been approved to raise Rs 878 crore through preference shares. The Bengaluru-based firm plans to issue Series A Optionally Convertible Redeemable Preference Shares as a preferential private placement. Its shares rose 4.98% to Rs 56.66 on the BSE.

Ola Electric Mobility's unit garnered board and shareholder approval to raise Rs 878 crore through a strategic issuance of preference shares.

Ola Electric Technologies Pvt Ltd announced the sanction to issue 87.76 crore non-cumulative and non-participating Series A Optionally Convertible Redeemable Preference Shares. Each share will have a face value of Rs 10, aiming for a cumulative consideration of Rs 877.64 crore through a private placement.

The subsidiary's shares saw a notable 4.98% rise, closing at Rs 56.66 on the BSE.

(With inputs from agencies.)