The board of Ola Electric Mobility on Saturday approved a proposal to raise up to Rs 1,500 crore through the issuance of equity shares and convertible securities, subject to shareholder and regulatory approvals.
The move could strengthen the electric two-wheeler maker’s financial headroom as it navigates a competitive market and continues efforts to improve its operating performance.
Alongside the fund raising, Ola Electric has also announced senior management and governance changes.
COO Hyun Shik Park resigned with effect from the close of business on September 5, citing personal reasons.
Shradha Sharma, Founder and CEO of YourStory, and Manoj Kumar Kohli, former Country Head of SoftBank India, were approved for second five-year terms as independent directors, subject to shareholder approval.
