Ola Electric Approves Fundraise of Up to Rs 1,500 Crore

Electric two-wheeler manufacturer Ola Electric Mobility Limited has approved a proposal to raise up to Rs 1,500 crore. In a regulatory filing with the stock exchanges on Saturday, the company said its Board of Directors approved an enabling resolution for the proposed fundraise. The board also took note of the resignation of Chief Operations Officer (COO) and Senior Management Personnel Hyun Shik Park with immediate effect.

According to the company, Hyun Shik Park resigned as COO and Senior Management Personnel with effect from the close of business hours on September 5, 2026, citing personal reasons. His resignation marks a change in the company’s operational leadership.

Under the fundraising plan, Ola Electric may raise an aggregate amount of up to Rs 1,500 crore through equity shares or equity-linked convertible securities. The company may explore various routes, including Qualified Institutional Placement (QIP), rights issue, Further Public Offer (FPO), private placement and convertible debentures.

In view of the potential equity expansion, the board has also approved an increase in the company’s authorised share capital from Rs 8,318,49,98,850 to Rs 8,721,87,34,420. The move will require a corresponding amendment to Clause V of the company’s Memorandum of Association (MOA).

The board has also approved the reappointment of two Non-Executive Independent Directors, Manoj Kumar Kohli and Shradha Sharma, for a second five-year term. Their new tenure will begin on December 6, 2026, and continue until December 5, 2031.