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Electric mobility company Zelio E-Mobility has received board approval to raise up to Rs 167.96 crore through a preferential issue of equity shares and convertible warrants. The proposed fundraise is subject to approval from shareholders and stock exchanges.
According to the company, the funds will be used to expand its manufacturing capacity, strengthen its distribution network across India and develop a dedicated electric three-wheeler manufacturing facility in Patan, Haryana.
Kunal Arya, Managing Director, Zelio E-Mobility, said the proposed fundraise will help the company expand its manufacturing footprint, strengthen its distribution network and accelerate the development of the upcoming three-wheeler facility in Patan.
The company plans to issue up to 9.73 lakh equity shares at a price of Rs 853 per share, through which it expects to raise around Rs 83 crore.
In addition, the board has approved the issue of up to 9.96 lakh convertible warrants to various promoters at Rs 853 per warrant. The warrant issue is expected to raise around Rs 85 crore.
Through the fundraise, Zelio E-Mobility plans to expand its manufacturing and distribution capabilities across India while accelerating the growth of its electric three-wheeler business.
