Ola Electric Mobility Ltd. has secured shareholder approval for reallocation of IPO proceeds to unlock capital and drive growth in India’s highly competitive electric two-wheeler market.
Bhavish Aggarwal, chairman and managing director, Ola Electric Mobility. (REUTERS)
According to an exchange filing, 99 per cent of the shareholders voted in favour of the resolution at the company’s first annual general meeting since listing last year. That, according to Ola Electric, signals “investor trust in the company” and its “long-term vision”.
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The unlocked capital will be used for organic growth, general corporate purposes, and debt repayment. The reallocation is as follows:
R&D investments: ₹1,049 crore
Organic growth: ₹901 crore
Debt payments: ₹395 crore
General corporate purposes: ₹248 crore
On Friday, Ola Electric shares fell 3.38% to ₹47.18 apiece on the BSE even as the equity benchmark Sensex ended the day 0.85% lower at 81,306.85 points.
Tushar Deep Singh is a business journalist and digital editorial leader with 12 years of experience in financial journalism. Currently Assistant Editor at Hindustan Times, he is building the HT Business vertical and managing the newsletters for both Livemint and HT. When not in the newsroom, he can be found on a motorcycle. Throughout his career, Tushar has been instrumental in scaling digital publishing operations at some of India’s largest financial news websites. His six-year tenure at Mint—the first job—saw him plunge into online media to deliver record-breaking digital engagement for Livemint.com, including 7.2 million page views on 2017 UP Election Results day. He held fort at Livemint during a senior-level leadership transition later that year. That won him the HT Media Star Award (Bronze) in 2017 and a Certificate of Appreciation for Editorial Excellence in 2018. As the head of the digital desk at ETtech, he curated two daily, full-stack newsletters from an editorial as well as product perspective. At NDTV Profit, he transitioned from website editor to principal correspondent, reporting on the auto sector for the TV channel and website, thereby adding yet another layer to his editorial expertise. He is a post-graduate in journalism from Xavier Institute of Communications, Mumbai, and a graduate from St. Xavier's College, Ahmedabad.
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