Ola Electric said its board approved raising up to 15 billion rupees (US$159 million) through equity shares and convertible securities, subject to shareholder and regulatory approval, as the Bengaluru-based electric two-wheeler maker seeks more room to fund itself amid weaker results and tougher competition.

The board also approved raising Ola Electric’s authorised share capital to 87.2 billion rupees (US$923 million) from about 83.2 billion rupees (US$880 million).

Authorised share capital is the maximum a company can issue. This step also needs shareholder approval.

Ola Electric said COO Hyun Shik Park resigned effective at the close of business on September 5, citing personal reasons. Shareholders will also vote on second five-year terms for independent directors Shradha Sharma and Manoj Kumar Kohli.

The proposal follows a 7.8 billion rupees (US$82.5 million) qualified institutional placement a few months ago. It also comes after Ola Electric’s June-quarter revenue fell 45% year on year.

Park’s departure adds to a series of senior-level exits at Ola Electric and the wider Ola group, including a business head who resigned earlier.

🔗 Source: YourStory

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