OLA Electric has released its Monitoring Agency Report for the quarter ended September 30, 2025. ICRA Limited, the monitoring agency, confirms that there are no material deviations in the use of IPO proceeds. A shareholder resolution was passed on August 22, 2025, to approve variations in the utilization of funds and extend the timeline. The report provides details on the deployment of IPO proceeds, progress on project objects, and general corporate purposes.
IPO Proceeds Utilization
According to a report dated November 06, 2025, OLA Electric Mobility Limited has submitted the Monitoring Agency Report for the quarter ending September 30, 2025. The report, issued by ICRA Limited, confirms the utilization of IPO proceeds.
Key Highlights from the Report
The report indicates that there are no material deviations from the stated objectives in the use of issue proceeds. Utilization differs from the prospectus, but is in line with changes approved by a shareholder resolution on August 22, 2025.
Details of Object Costs and Revisions
Revised costs were outlined, with certain amounts reallocated amongst different objects based on the AGM notice on August 22, 2025. INR 1,227.641 crore originally allocated to capital expenditure for cell manufacturing plant expansion was reallocated to other objects (Object 4, 5 and 6). Another INR 850.640 crore from object 1 reallocated to Object 4.
Deployment of Funds and Investments
The company has deployed unutilized proceeds into fixed deposits and other accounts. As of the report, the total amount invested is INR 2310.49 crore.
General Corporate Purposes
A total of INR 1130.335 crore was utilized for general corporate purposes. This includes expenses related to raw materials and other operating expenses. For raw materials, the said utilization was made in Q2 FY25, Q3 FY25, and Q2 FY26. For operating expenses, the utilization spans Q2 FY25, Q3 FY25, Q4 FY25, Q1 FY26, and Q2 FY26.
Source: BSE
