Ola Electric plans Rs 1,500 crore fundraise, reappoints two independent directors

MUMBAI: Ola Electric is looking to recharge its balance sheet. Ola Electric Mobility’s board has approved an enabling resolution to raise up to Rs 1,500 crore through the issue of equity shares or securities convertible into or exchangeable for equity shares.

The proposed fundraise could be carried out through one or more permitted routes, including a further public offer, rights issue, qualified institutional placement, private placement or a combination of these methods. The plan remains subject to shareholder approval and the required regulatory and statutory clearances.

The company said the securities could include fully or partly convertible debentures, warrants and depository receipts, including American Depository Receipts and Global Depository Receipts.

The board’s fundraise decision came alongside changes to the company’s senior management and board. Hyun Shik Park has resigned as chief operations officer and senior management personnel, effective from the close of business on September 5, 2026. The company said the resignation was due to personal reasons.

At the board level, Ola Electric has approved the reappointment of Manoj Kumar Kohli and Shradha Sharma as non-executive independent directors for a second five-year term.

Kohli’s new term will run from December 6, 2026 to December 5, 2031, subject to shareholder approval. He was previously associated with SoftBank Group International as country head and Bharti Enterprises as managing director.

Kohli holds a bachelor’s degree in commerce from the University of Delhi and a master’s degree in business administration. He has also received qualifications in training and development and personnel management.

Shradha Sharma has also been approved for a second five-year term covering the same period, subject to shareholder approval. Sharma is the founder and chief executive officer of YourStory Media and has been associated with the company since 2011. She is also a member of the National Startup Advisory Council.

The board has additionally approved an increase in Ola Electric’s authorised share capital from Rs 8,318.50 crore to Rs 8,721.87 crore, subject to shareholder approval. The corresponding capital clause in the company’s memorandum of association will also be amended.

The company has also announced that its ninth annual general meeting will be held on September 30, 2026 at 4:30pm through video conferencing or other audio-visual means.

The proposed capital raise comes as Ola Electric continues to navigate a competitive electric two-wheeler market while investing in its broader technology and manufacturing ambitions. If approved, the Rs 1,500 crore fundraising would give the company additional flexibility to fund its next phase of operations and growth.