Ola Electric board clears ₹100 crore investment in battery subsidiary

Ola Electric Mobility Limited on Tuesday said its material wholly owned subsidiary, Ola Electric Technologies Private Limited (OET), has approved the allotment of 10 crore Optionally Convertible Redeemable Preference Shares (OCRPS) worth ₹100 crore.

The approval was granted at OET’s board meeting held on December 23, marking the third tranche of capital infusion under the revised utilisation of IPO proceeds cleared by shareholders earlier this year.

The non-cumulative, non-participating Series A OCRPS,

carrying a nominal value of ₹10 each and a coupon of 0.001%, have been allotted on a preferential basis through private placement to Ola Cell Technologies Private Limited, a fellow wholly owned subsidiary of Ola Electric Mobility.

The company said the funds will be infused in tranches, with further allotments to be intimated as and when additional capital is deployed. Details related to conversion of the OCRPS will be disclosed at a later stage, as applicable.

Ahead of the announcement, shares of Ola Electric Mobility Limited ended marginally higher at ₹34.67 on the NSE.