Ola Electric Board Approves INR 1,500 Crore Fundraising Proposal

Ola Electric Mobility’s board has approved an enabling resolution to raise up to INR 1,500 crore through the issuance of equity shares and/or securities convertible into or exchangeable for equity shares.

The decision was taken at the company’s recently held board meeting. The proposed fundraising will be subject to approval from the company’s shareholders and other applicable regulatory and statutory authorities.

Under the approved proposal, Ola Electric may raise the funds through one or more permissible routes, including a further public offer, rights issue, qualified institutions placement, private placement or other permitted modes.

The securities may include fully convertible debentures, partly convertible debentures, warrants and other securities convertible into or exchangeable for equity shares. The proposal also provides for the issue of depository receipts, including American Depository Receipts and Global Depository Receipts, where permitted under applicable laws.

Alongside the fundraising proposal, the board approved an increase in Ola Electric’s authorised share capital from INR 8,318.50 crore to INR 8,721.87 crore. This represents an increase of approximately INR 403.37 crore. The company will consequently alter Clause V of its Memorandum of Association, subject to shareholder approval.

The board also approved the reappointment of Manoj Kumar Kohli and Shradha Sharma as non executive independent directors for a second term of five years. Their terms will run from December 6, 2026, to December 5, 2031, subject to approval by the company’s members at the ensuing Annual General Meeting.

Kohli has previously served as country head of SoftBank Group International and managing director of Bharti Enterprises. Shradha Sharma is the founder and chief executive officer of YourStory Media Pvt. Ltd. and is also a member of the National Startup Advisory Council.

Separately, the board noted the resignation of Hyun Shik Park, chief operations officer and senior management personnel of Ola Electric. 

Ola Electric has scheduled its ninth Annual General Meeting for September 30, 2026, through video conferencing and other audio visual means.