Days after Ola Electric received board nod to raise up to ₹1,500 Cr via an undisclosed route, the electric vehicle (EV) maker has now said that it plans to seek the approval of the board for a proposed rights issue of equity shares. 

“Ola Electric today informed the stock exchanges that it is seeking Board approval for a proposed rights issue of equity shares. The rights issue route is being considered to enable participation by all eligible shareholders including retail, institutional and (the) promoter group, subject to applicable laws,” Ola Electric said in a filing with the exchanges.

The listed EV maker will now seek the approval at the upcoming meeting of its board of directors on September 28. 

With this, Ola Electric has chosen the rights issue as the route for its capital raise. The board will also decide how much of the proposed fundraise will be raised via rights issue. 

Listed EV maker Ola Electric’s board has approved a fresh fundraise of up to ₹1,500 Cr, three months after the company raised ₹780 Cr through a QIP.

In an exchange filing, the Bhavish Aggarwal-led company said it plans to raise the capital by issuing equity shares and/or securities convertible into or exchangeable for equity shares.

The fundraise may be undertaken through one or more routes, including a further public offer, rights issue, QIP, private placement, or the issuance of instruments such as convertible debentures, warrants, American Depository Receipts, and Global Depository Receipts.

The proposal is subject to approval from shareholders and other regulatory or statutory authorities.

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