Ola Electric to Raise ₹878 Cr via Preference Shares

New Delhi, Sep 30 (PTI) Ola Electric Mobility on Tuesday said its unit has received approval from the board as well as shareholders to raise Rs 878 crore by issuing preference shares.

Ola Electric Technologies Pvt Ltd obtained approval from its Board and shareholders to raise funds by way of issuance of up to 87,76,40,000 non-cumulative and non-participating 0.001 per cent Series A Optionally Convertible Redeemable Preference Shares of face value Rs 10 each, at a consideration of Rs 877.64 crore in one or more tranches on a preferential basis through private placement, the Bengaluru-based firm said in a regulatory filing.

Ola Electric Technologies is a wholly-owned subsidiary of the company.

Ola Electric shares on Tuesday ended 4.98 per cent up at Rs 56.66 apiece on BSE.