Ola Electric Mobility Limited has announced that its material wholly-owned subsidiary, Ola Electric Technologies Private Limited (OET), has allotted preference shares worth Rs 400 crore to another group subsidiary.
The company informed stock exchanges on Monday that OET's board of directors approved the first tranche allotment of 40 crore optionally convertible redeemable preference shares (OCRPS) to Ola Cell Technologies Private Limited (OCT), also a wholly-owned subsidiary of Ola Electric.
The allotment consists of non-cumulative and non-participating 0.001% Series A OCRPS with a face value of Rs 10 each, issued on a preferential basis through private placement. The total consideration for this first tranche amounts to Rs 400 crore.
This represents part of a larger plan involving 87.76 crore OCRPS. The company stated that details of further tranches will be communicated as and when funds are infused and subsequent allotments are made by OET.
The transaction follows shareholder approval for variation of objects and terms of utilization of Initial Public Offering proceeds at Ola Electric's Annual General Meeting held on August 22, 2025. The company had previously intimated stock exchanges about the planned issuance on September 30 and October 1, 2025.
The board meeting of OET was held on October 7, 2025, commencing at 6:30 PM IST and concluding at 7:00 PM IST.
Ola Electric shares trade on the National Stock Exchange under the symbol OLAELEC and on BSE with scrip code 544225.
The disclosure was made in compliance with Regulation 30 of SEBI's Listing Obligations and Disclosure Requirements Regulations, 2015.