Ola Electric Raises ₹877.64 Crore, Secures Certification for Gen 3 Scooters
Ola Electric Mobility, a subsidiary of ANI Technologies Pvt. Ltd., has received approval to raise ₹877.64 crore through preference shares. The fundraising, which involves Series A Optionally Convertible Redeemable Preference Shares (OCRPS) at ₹10 per share, is set to strengthen the company's financial position and reduce dependence on imported battery cells.
The approval comes on the heels of Ola Electric securing compliance certification for its Gen 3 scooter range under the government's Production Linked Incentive scheme. The preference share structure provides the company with greater financial flexibility compared to traditional debt instruments.
On Monday, over 18.36 million shares changed hands, hitting the 5% upper circuit limit. Ola Electric's stock closed 4.98% higher at ₹56.66 on the BSE following the fundraising announcement. However, the stock has been volatile, declining 42.83% over the past year.
Despite a decline in market share from 18.7% in August to 13.2% in September, Ola Electric Mobility's strategic fundraising and certification approvals indicate a commitment to growth and innovation in the electric two-wheeler market.
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