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Ola Electric Mobility Limited has announced that its material wholly owned subsidiary, Ola Electric Technologies (OET), has received board and shareholder approval to raise Rs 877.64 crore (nearly $100 million) through issuance of preference shares.
According to a stock exchange filing on Tuesday, the fundraise will be executed via the allotment of up to 87.76 crore non-cumulative and non-participating 0.001% Series A Optionally Convertible Redeemable Preference Shares (OCRPS), each having a face value of Rs 10, to Ola Cell Technologies (OCT), another…
