Ola Electric Shares Gain 2.5% on Rs 100 Crore Battery Arm Investment

Shares of Ola Electric Mobility Ltd. surged 2.5% to touch a day’s high of Rs 35.90 on 24th December, after the company said on Tuesday, 23rd December, that its wholly owned material subsidiary, Ola Electric Technologies Private Limited (OET), had approved the allotment of 10 crore Optionally Convertible Redeemable Preference Shares (OCRPS) worth Rs 100 crore.

The approval was given at OET’s board meeting held on 23rd December. This marks the third tranche of capital infusion under the revised utilisation of IPO proceeds. These proceeds were approved by shareholders earlier this year.

The non-cumulative, non-participating Series A OCRPS have a face value of Rs 10 each and a 0.001% coupon. They have been allotted on a preferential basis through a private placement to Ola Cell Technologies Private Limited. This company is another wholly owned subsidiary of Ola Electric Mobility.

The company said the funds will be infused in multiple tranches. Further allotments will be announced as additional capital is deployed. Details regarding the conversion of the OCRPS will be disclosed at a later stage. This will occur where applicable.

At 12:28 PM, shares of Ola Electric were trading 1.64% higher at Rs 35.32 on NSE.

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