Ola Electric Approves Rs 1,500 Crore Fundraise as COO Hyun Shik Park Resigns

Ola Electric Mobility Limited announced that its Board of Directors has approved an enabling resolution to raise funds up to Rs 1,500 crore, alongside noting the immediate resignation of Chief Operations Officer Hyun Shik Park, according to regulatory filings submitted to stock exchanges on Saturday.

Park stepped down from his role as Chief Operations Officer and Senior Management Personnel with effect from the closing business hours of September 5, 2026, citing personal reasons.

Under the fundraising resolution, the company plans to secure aggregate capital not exceeding Rs 1,500 crore via equity shares or equity-linked convertible securities. Permissible issuance routes under consideration include qualified institutional placements (QIP), rights issues, further public offers (FPO), private placements, convertible debentures, among others.

To accommodate potential equity expansion, the board approved an increase in the company's authorised share capital from Rs 8,318,49,98,850 to Rs 8,721,87,34,420, which will require a corresponding amendment to Clause V of its Memorandum of Association (MOA).

The board also announced the reappointment of two Non-Executive Independent Directors, Manoj Kumar Kohli and Shradha Sharma, for a second five-year term running from December 6, 2026, to December 5, 2031: