Ola Electric Mobility Limited’s Board of Directors has approved a significant fundraising initiative, authorizing the issuance of equity shares and/or convertible securities to raise an aggregate amount not exceeding ₹1,500 crore. This strategic move aims to bolster the company’s financial resources for expansion. The approval also includes alterations to the company’s Memorandum of Association to increase its authorized share capital from INR 8318,49,98,850 to INR 8721,87,34,420. Additionally, the board noted the resignation of Chief Operations Officer Mr. Hyun Shik Park and re-appointed two Independent Directors.
Ola Electric Secures Board Approval for ₹1,500 Crore Fundraise
Ola Electric Mobility Limited’s Board of Directors has given the green light to an enabling resolution for raising substantial funds. The company is authorized to raise an aggregate amount not exceeding ₹1,500 crore through the issuance of its equity shares and/or securities that are convertible into or exchangeable for equity shares. This broad category includes, but is not limited to, fully convertible debentures, partly convertible debentures, warrants, and other such securities. The fundraising can be pursued through various permissible modes such as a further public offer, rights issue, qualified institutions placement (QIP), private placement, or any other legally recognized method. This initiative is subject to the approval of the company’s shareholders and relevant regulatory bodies.
Share Capital Increase and MOA Alteration
In conjunction with the fundraising plans, the Board of Directors has also approved an increase in the company’s authorised share capital. The current authorised share capital of INR 8318,49,98,850 (Rupees Eight Thousand Three Hundred Eighteen Crores, Forty-Nine Lakhs, Ninety-Eight Thousand, Eight Hundred Fifty Only) will be increased 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 increase necessitates a consequent alteration to Clause V of the company’s Memorandum of Association (MOA).
Key Personnel Changes and Re-appointments
The Board also noted and accepted the resignation of Mr. Hyun Shik Park from his position as Chief Operations Officer and Senior Management Personnel, effective from the closing business hours of September 5, 2026, due to personal reasons.
Furthermore, based on the recommendations of the Nomination and Remuneration Committee, the Board approved the re-appointment of two Independent Directors. Mr. Manoj Kumar Kohli (DIN: 00162071) has been re-appointed as a Non-Executive Independent Director for a second term of 5 years, commencing from December 06, 2026 up to December 05, 2031. Similarly, Ms. Shradha Sharma (DIN: 03557496) has been re-appointed as a Non-Executive Independent Director for a second term of 5 years, also commencing from December 06, 2026 up to December 05, 2031. Both re-appointments are subject to the approval of the company’s members at the ensuing Annual General Meeting.
Upcoming Annual General Meeting
The Board of Directors has also considered and approved the Notice for the 9th Annual General Meeting (AGM) of the company. The AGM is scheduled to be held on Wednesday, September 30, 2026, at 4:30 PM IST, through Video-Conferencing (VC) and Other Audio-Visual Means (OAVM). The Board meeting commenced at 5:45 p.m. IST and concluded at 6:30 p.m. IST on September 5, 2026.
Source: BSE
