Ola Electric board approves $120 million rights issue
Ola Electric just got board approval to raise up to ₹1,000 crore (about $120 million) through a rights issue—basically inviting current shareholders to buy more, but without paying the full price up front. Details like the total number of shares and final price are still pending. This is part of a broader plan to raise ₹1,500 crore, following a ₹780 crore fundraise in June.
- Board approved up to ₹1,000 crore rights issue
- Partly paid-up shares, full price not due immediately
- Record date and pricing not yet announced
- Earlier raised ₹780 crore in June via institutions
- Plans reflect pressure from rising EV industry rivals
Sources covering this
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