Ola Electric Tech is a private limited company incorporated in 2021. (Image: Ola Electric website) Show Quick Read Summary is AI Generated. Newsroom Reviewed

Ola Electric Technologies Pvt. Ltd. board approved a fundraise of Rs 400 crore via prefertial issue of shares to Ola Cell Technologies Pvt. Ltd., a stock exchange filing said late Wednesday.

The company will issue Optionally Convertible Redeemable Preference Shares (OCRPS) having a nominal value of Rs 10 each. The investment is the first tranche of a total commitment of Rs 877.64 crore.

OET and OCT are fellow subsidiaries of Bhavish Aggarwal-led Ola Electric Mobility Ltd. The investment, being between fellow subsidiaries, qualifies as a related-party transaction but is being undertaken on an arm’s length basis, the parent firm

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