Ola Electric plans Rs 1,000 Cr rights issue, appoints new compliance officer
Ola Electric Mobility’s board has approved raising up to Rs 1,000 crore via a rights issue of partly paid-up shares to bolster its capital structure.
Ola Electric, a Bengaluru-based electric two-wheeler manufacturer, is aiming to bolster its financial position and leadership amidst intensifying competition in the Indian electric vehicle market. The company recently approved a plan to raise up to Rs 1,000 crore through a rights issue of partly paid-up equity shares, with the specifics to be finalized in a later board meeting.
In line with this financial strategy, the board has appointed Deepa Bansal as the new Company Secretary and Compliance Officer, bringing her 11 years of experience in secretarial and governance roles from companies such as Medi Assist Healthcare, Tessolve Semiconductor, and Kothari Petrochemicals. This strategic move comes as Ola Electric faces competition from legacy automakers and rivals like TVS Motor, Bajaj Auto, Ather Energy, and Hero MotoCorp, which have been gradually eroding the company's market dominance.
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