Ola Electric board gives nod to fundraising of up to Rs 1,500 cr

New Delhi, Oct 25 (PTI) Ola Electric on Saturday said its board has approved raising up to Rs 1,500 crore via an issue of securities.

The company's board has considered and approved a proposal for raising funds by issue of shares, or convertible securities including warrants via rights issue, qualified institutional placement, private placement and/ or any other permitted modes under applicable laws for an aggregate consideration of up to Rs 1,500 crore, the Bengaluru-based firm said in a regulatory filing.

The electric two-wheeler maker did not disclose the reasons for raising the funds. PTI MSS MR