Ola Electric shareholders approve plan to reallocate IPO proceeds, extend timeline for use

Ola Electric

Ola Electric Mobility on August 22 said its shareholders approved a special resolution allowing the company to vary the objects of its Initial Public Offering (IPO) and extend the time limit for utilisation of the proceeds.

The resolution, which required approval of more than 90 percent of those voting, was passed at the company’s eighth Annual General Meeting (AGM).

About 99.09 percent of the voters favoured the move, with only 0.91 percent opposing the proposal, the scrutiniser’s report filed with the stock exchanges on August 22 said.

Ola Electric went public in a year ago after raising more than Rs 5,500 crore through the IPO. It earmarked the proceeds primarily for expanding its EV manufacturing capacity at the Tamil Nadu gigafactory, investing in research and development of advanced battery technologies, repayment of borrowings, and general corporate purposes.

The variation gives Ola Electric the flexibility to reallocate IPO funds in line with evolving business requirements and sectoral challenges, while the extension provides additional time for deployment of the capital.

Shareholders also approved the adoption of the audited financial statements for FY25, reappointment of director Krishnamurthy Venugopala Tenneti, and the appointment of BMP & Co LLP as secretarial auditors.