Zelio E-Mobility To Raise ₹168 Cr Via Preferential Issue
Electric vehicle (EV) manufacturer Zelio E-Mobility’s board of directors approved a proposal today to raise up to ₹167.95 Cr via…
Zelio E-Mobility, an EV manufacturer, announced plans to raise ₹168 Cr through a preferential issue of equity shares and convertible warrants. The company will issue up to 9.73 Lakh equity shares at ₹853 per share, with four non-promoter investors receiving a total of ₹83 Cr. Additionally, promoters Niraj Arya, Deepak Arya, and Kunal Arya will issue over 9.96 Lakh convertible warrants, raising an additional ₹85 Cr.
The warrants can be converted within 18 months, and the promoters will pay 25% of the amount upfront. After the full conversion, the promoter group's stake will dilute from 72.8% to 70.9%. The company seeks shareholder approval via an EGM scheduled for October 20. Zelio, founded in 2021, manufactures low-speed electric scooters and operates in over 25 states with 300 dealers.
The company plans to expand its manufacturing capabilities and dealership network in the coming years.
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