Ola Electric Board Approves Fundraise of ₹1,500 Cr, Reappoints Directors
Ola Electric's Board approved raising up to ₹1,500 crore via equity issuance. Mr. Manoj Kumar Kohli and Ms. Shradha Sharma were reappointed as Independent Directors for five-year terms starting December 6, 2026. The company also increased its authorized share capital and announced its 9th AGM on September 30, 2026.
The fundraising of ₹1,500 crore and re-appointment of independent directors are material events that can significantly impact the company's future operations and governance.
The company is undertaking significant corporate actions including fundraising and re-appointment of key personnel, indicating continued growth and stability.
Ola Electric Mobility Limited announced that its Board of Directors, in a meeting held on September 5, 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 appointments, 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 from December 6, 2026, to December 5, 2031. This re-appointment is subject to shareholder approval at the upcoming Annual General Meeting (AGM).
The company also announced an increase in its authorized share capital from ₹8,318.49 crore to ₹8,721.87 crore. Furthermore, the Board approved an enabling resolution for raising funds up to ₹1,500 crore through the issuance of equity shares and/or securities convertible into equity shares, via various permissible modes including QIP and rights issue, subject to regulatory and shareholder approvals.
The 9th Annual General Meeting (AGM) of the company has been scheduled for Wednesday, September 30, 2026, at 4:30 PM IST, to be conducted through Video-Conferencing. 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.
