Ola Electric board approves Rs 1,000 crore fundraise via rights issue
The issue will be offered to eligible shareholders as of a record date, which will be announced later, the filing said. The board is yet to finalize key terms of the issue, including the total number of shares, issue price, timing, and payment terms.
Ola Electric's board of directors has approved a rights issue of partly paid-up equity shares, aiming to raise up to Rs 1,000 crore. This follows the company's earlier decision to raise up to Rs 1,500 crore. The shares, which are not fully paid upfront, will be offered to eligible shareholders based on a future record date. The board has yet to determine the exact number of shares, issue price, timing, and payment terms.
This latest fundraise comes shortly after a Rs 780 crore Qualified Institutional Placement (QIP) in June, where the company initially planned to raise Rs 500 crore. Ola Electric is seeking to bolster its financial position as it competes with automakers like TVS Motor, Bajaj Auto, Ather Energy, and Hero MotoCorp, which have gained market share in the electric two-wheeler market.
In Q1 FY27, Ola Electric reported a revenue of Rs 455 crore, down from Rs 828 crore a year earlier, and its net loss narrowed to Rs 336 crore from Rs 428 crore a year earlier. As of September, the company sold 10,991 electric two-wheelers, securing a 6.1% market share.
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- Ola Electric Board approves rights issue of up to ₹1,000 crore thehindubusinessline.com
