Ola Electric Mobility Limited submitted its Monitoring Agency Report for the quarter ended December 31, 2025. The report confirms that the utilization of the Initial Public Offer (IPO) proceeds is largely in line with the disclosed objects, though shareholder approval was obtained for variations in object terms in the AGM held on August 22, 2025. The monitoring indicated no material deviation from the objects of the issue.
IPO Proceeds Monitoring for Q3 FY2026
Ola Electric Mobility Limited officially submitted the Monitoring Agency Report, prepared by ICRA Limited, concerning the utilization of the proceeds from its Initial Public Offer (IPO) for the third quarter ending December 31, 2025. The report confirms adherence to the framework established for monitoring the deployment of the raised funds.
Deviation Status and Approvals
The Monitoring Agency confirmed that there was no material deviation from the objects outlined in the Offer Document. However, the report noted that utilization variations aligned with changes previously approved by shareholders. Specifically, approvals for variation in object terms and extension of the timeline for utilization were obtained during the 8th Annual General Meeting (AGM) held on August 22, 2025.
Object Cost Revision Summary
The total approved cost structure, which was revised following the AGM, stands at INR 5,275.060 Crore. Key revisions noted in the cost allocation table:
- Capital Expenditure (Object 1): The original cost was INR 1,227.641 Crore. This amount saw subsequent reallocations to Objects 4, 5, and 6.
- Investment into R&D (Object 3): Reduced from INR 1,600.000 Crore to INR 1,505.000 Crore, with the surplus allocated elsewhere.
- New Object Creation (Object 6): A new object for Repayment/Prepayment of Indebtedness was created, totaling INR 395.000 Crore, funded partly by reallocations from Object 1 and Object 3.
Progress in Utilization During the Quarter
The monitoring detailed the utilization progress across various heads:
- Issue Related Expenses: The total proposed amount was INR 224.940 Crore. Utilization during this quarter amounted to INR 2.480 Crore, leaving a total unutilized amount of INR 3.083 Crore as of the quarter end.
- Capital Expenditure (Object 1): No utilization was reported this quarter, with the full INR 1,227.641 Crore remaining unutilized, as the funds were reallocated.
- Investment in R&D (Object 3): Total utilized amount reached INR 740.243 Crore out of the revised INR 1,505.000 Crore.
Deployment of Unutilized Proceeds
As of December 31, 2025, the unutilized proceeds totaling INR 1,515.63 Crore were deployed primarily in short-term instruments to maximize returns:
- The majority of funds were placed in various Fixed Deposits across banks including Axis Bank, Bank of Baroda, Yes Bank, and State Bank of India, with returns on investment ranging from 4.75% to 6.45%.
- Interest income realized and reinvested during the quarter totaled approximately INR 7.35 Crore.
Implementation Timeline Status
Regarding the timeline for completing the objects, the report confirms that all objects, including the major Capital Expenditure project and debt repayment, are currently On Schedule based on the latest estimates, with No Comments provided by the Board regarding delays.
Source: BSE
