Ola Electric Technologies (OET), a wholly owned subsidiary of Ola Electric, has secured board and shareholder approval to raise up to 877.6 crore rupees (US$105 million) by issuing 87.76 crore (877.6 million) preference shares to fellow subsidiary Ola Cell Technologies (OCT).

Each share has a face value of 10 rupees (US$0.12) and carries a 0.001% non-cumulative, non-participating dividend, and the shares will be issued through a preferential private placement in one or more tranches.

OCT focuses on indigenous cell R&D and large-scale manufacturing to support vertical integration and reduce dependence on imports.

🔗 Source: The Economic Times

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