Ola Electric Board Approves Director Reappointments, Capital Increase, and ₹1,500 Cr Fundraising
Ola Electric's Board approved re-appointments for Independent Directors Manoj Kumar Kohli and Shradha Sharma for 5-year terms starting Dec 6, 2026. The company will increase authorized share capital from ₹8,318.49 crore to ₹8,721.87 crore. An enabling resolution to raise up to ₹1,500 crore via equity issuance was also passed. The 9th AGM is scheduled for September 30, 2026.
The re-appointment of independent directors, substantial capital increase, and a large fundraising resolution are significant corporate events that can materially impact the company's future operations, strategy, and financial structure.
The announcement details positive corporate actions including the re-appointment of key directors, a significant increase in authorized share capital, and a resolution to raise substantial funds, indicating strategic growth and stability.
Ola Electric Mobility Limited's Board of Directors, in a meeting held on September 05, 2026, approved several key decisions. The board noted the resignation of Mr. Hyun Shik Park as Chief Operations Officer, effective from the closing hours of September 5, 2026, due to personal reasons.
In significant personnel decisions, the board approved the re-appointment of Mr. Manoj Kumar Kohli and Ms. Shradha Sharma as Non-Executive Independent Directors for a second term of 5 years each, commencing December 06, 2026, and concluding on December 05, 2031. This re-appointment is subject to shareholder approval at the upcoming Annual General Meeting (AGM).
The company also approved an increase in its authorized share capital from ₹8,318.49 crore to ₹8,721.87 crore, with a consequential alteration to its Memorandum of Association (MOA). Furthermore, an enabling resolution was passed for raising funds up to ₹1,500 crore through the issuance of equity shares and/or convertible securities via various permissible modes, subject to necessary approvals.
The Board also approved the notice for the 9th AGM, scheduled to be held on Wednesday, September 30, 2026, at 4:30 PM IST, through Video-Conferencing (VC)/Other Audio-Visual Means (OAVM). The Board meeting commenced at 5:45 PM IST and concluded at 6:30 PM IST.
A plain-language summary of a public exchange filing by Ola Electric Mobility Limited. Read the original for the full detail.
