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Ola Electric Mobility approves rights issue to raise up to ₹1,000 crore
The board will meet on 5 October, and the company plans to set details such as issue price, entitlement ratio, record date, and payment structure later.
Ola Electric Mobility has approved a rights issue of partly paid-up equity shares to raise up to ₹1,000 crore, subject to necessary regulatory and statutory approvals, according to LiveMint Markets.
The shares will be offered to eligible shareholders as of a record date that the company says it will determine and announce later, with key terms including the issue price, rights entitlement ratio, record date, issue timeline, and payment structure to be disclosed at a later date.
In an exchange filing dated 28 September, Ola Electric said its board will meet on Monday, 5 October to consider and decide matters related to the rights issue, and the proposed shares will carry a face value of ₹10 each.
The company said the proposed rights issue will be undertaken in accordance with applicable laws and SEBI regulations.