Ola Electric Mobility has received board approval to raise up to Rs 1,700 crore through the issuance of debt instruments, the company informed in a stock exchange filing on May 22. The funds will be mobilised through one or more tranches via term loans, working capital facilities, or the issuance of Non-Convertible Debentures (NCDs) and other eligible securities.
The fundraising will be executed through private placements or any other methods allowed under applicable laws.
This move comes as the electric vehicle maker looks to bolster its financial position, potentially to support ongoing expansion plans, ramp up manufacturing capacity, or enhance working capital availability.
For the quarter ended December, Ola Electric had reported a consolidated net loss of Rs 564 crore and revenue of Rs 1,045 crore.
On May 22, Ola Electric shares on BSE ended marginally above the flatline at Rs 51.47 apiece.
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