Ola Electric Mobility Limited’s Board of Directors has approved a significant fundraising initiative of up to ₹1,500 crore through the issuance of equity shares or convertible securities. Concurrently, the board sanctioned an increase in the company’s authorised share capital from INR 8318.49 crore to INR 8721.87 crore. These strategic moves signal the company’s commitment to expansion and future growth initiatives.
Ola Electric Board Approves Major Growth Initiatives
Ola Electric Mobility Limited has announced several key decisions made by its Board of Directors during a meeting held on September 5, 2026. These decisions include a significant fundraising plan and an increase in the company’s authorized share capital, underscoring its ambitious growth strategy.
Fundraising Through Securities Issuance
The Board of Directors has approved an enabling resolution to raise funds aggregating up to INR 1,500 crore. This fundraising will be achieved through the issuance of equity shares and/or securities convertible into or exchangeable for equity shares. The permissible modes for this issuance include fully convertible debentures, partly convertible debentures, warrants, American Depository Receipts (ADRs), Global Depository Receipts (GDRs), and other permissible methods such as a further public offer, rights issue, qualified institutions placement (QIP), or private placement. The finalization of these measures is subject to shareholder approval and requisite regulatory clearances.
Share Capital Increase and MOA Alteration
In a move to support its expansion plans, the Board has also approved an increase in the company’s authorised share capital. The authorised share capital will be enhanced from INR 8318,49,98,850 (Rupees Eight Thousand Three Hundred Eighteen Crores, Forty-Nine Lakhs, Ninety-Eight Thousand, Eight Hundred Fifty Only) to INR 8721,87,34,420/- (Indian Rupees Eight Thousand Seven Hundred Twenty-One Crore, Eighty Seven Lakhs, Thirty Four Thousand, Four Hundred Twenty Only). This substantial increase necessitates a consequent alteration to Clause V of the company’s Memorandum of Association (MOA).
Leadership Changes and AGM Announcement
During the meeting, the Board noted the resignation of Mr. Hyun Shik Park as Chief Operations Officer, effective from the closing business hours of September 5, 2026, due to personal reasons. Additionally, the Board approved the re-appointment of Mr. Manoj Kumar Kohli and Ms. Shradha Sharma as Non-Executive Independent Directors for a second term of five years each, commencing from December 6, 2026, subject to member approval at the upcoming Annual General Meeting (AGM). The notice for the 9th AGM was also considered and approved, scheduled to be held on Wednesday, September 30, 2026, at 4:30 PM IST via video conferencing.
Source: BSE
