The issue will be open to eligible shareholders as on a record date, which will be announced later.
The company said the shares will have a face value of ₹10 each. However, key details such as the issue price, rights entitlement ratio, record date, timing and payment terms are yet to be decided by the board.
Ola Electric said the rights issue will be carried out in line with applicable laws and SEBI regulations. The company will disclose the detailed terms to the stock exchanges later.
Rights issue follows ₹780 crore QIP
The proposed fundraise comes just months after Ola Electric raised ₹780 crore through a qualified institutional placement, or QIP, in June. The issue was oversubscribed by 56%.
The QIP attracted long-term institutional investors, including Goldman Sachs and BNP Climate Fund, along with Indian mutual funds such as Motilal Oswal Mutual Fund, Mirae Asset Mutual Fund, Kotak Mahindra Mutual Fund, JM Financial Mutual Fund and Baroda BNP Paribas Mutual Fund.
Ola Electric’s Fund Raising Committee subsequently approved the closure of the QIP after receiving applications and funds from eligible institutional investors.
Vehicle registrations show signs of recovery
The latest fundraise plan comes as Ola Electric has also reported an improvement in vehicle registrations.
Registrations on the government’s VAHAN portal nearly doubled sequentially to 43,719 units in the first quarter of FY27 from 22,252 units in the March quarter, according to the company’s July 1 exchange filing.
June accounted for 16,144 registrations, making it Ola Electric’s strongest monthly performance in recent quarters.
The company attributed the improvement to better retail execution, stronger customer demand and improved product availability. It said operational measures taken over the past few quarters, along with its product portfolio, had helped sustain momentum in India’s electric two-wheeler market.
Ola Electric shares closed 1.66% lower at ₹37.84 on the NSE on September 28.
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