Ola Electric Raises ₹780 Crore in Discounted QIP

Overview

• Ola Electric disclosed on June 4 that its fund raising committee allotted about 21.75–21.76 crore shares at ₹35.86 each, raising roughly ₹780 crore through a qualified institutional placement (QIP).
• The issue price was set about 5% below the SEBI-determined floor price of ₹37.74, and the placement was reported to be roughly 56% oversubscribed based on company filings and market reports.
• Major domestic and global institutional investors took part in the QIP, including Goldman Sachs, BNP Climate Fund, Motilal Oswal Mutual Fund, Mirae Asset, Kotak Mahindra MF, JM Financial MF, and Baroda BNP Paribas MF.
• Ola says the proceeds will be used to strengthen the balance sheet, including debt repayment and general corporate and growth purposes, as it works to arrest declining revenue and narrow losses.
• The raise is the company’s first major equity exercise since listing and follows a board-approved plan to raise up to ₹1,500 crore; the next test will be whether fresh capital helps revive sales, improve service and restore investor confidence.