Ola Electric to raise up to Rs 1,000 Cr via rights issue

Electric two wheeler maker Ola Electric has approved a plan to raise up to Rs 1,000 crore through a rights issue of partly paid up equity shares. The company’s board approved the proposal on September 28, subject to regulatory and statutory approvals. The issue will be open to eligible shareholders as of a record date, which will be announced later. Ola Electric is yet to finalise the issue price, rights entitlement ratio, record date, issue timeline and payment terms. The number of shares to be issued will also be determined by the board. The latest fundraise comes less than a month after Ola Electric approved a plan to raise up to Rs 1,500 crore through equity shares or convertible securities. The earlier fundraise could be carried out through a further public offer, rights issue, QIP, private placement or other permitted routes, subject to shareholder and regulatory approvals. In June, Ola Electric raised Rs 780 crore through a QIP by allotting around 21.76 crore shares at Rs 35.86 apiece to qualified institutional buyers. Meanwhile, Ola Electric COO Hyun Shik Park resigned from his position effective September 5, citing personal reasons. The fresh fundraise comes as the EV two wheeler maker faces pressure on market share, customer complaints and its stock performance. In Q1 FY27, its revenue from operations fell 45% year on year to Rs 455 crore, while its net loss narrowed to Rs 336 crore from Rs 428 crore a year earlier. The company recorded 13,170 vehicle registrations…