Zelio E-Mobility announced that it has received board approval to raise up to Rs 167.96 crore through a preferential issuance of equity shares and convertible warrants, subject to shareholder and stock exchange sanctions.
Zelio says this is intended to fund expansion to the company's manufacturing capacity, including the development of a dedicated electric three-wheeler manufacturing facility in Patan, Haryana, while scaling its distribution reach across India.
"The proposed fundraise will give us greater room to expand our manufacturing footprint, strengthen our distribution network and accelerate the development of our upcoming three-wheeler facility in Patan," Kunal Arya, Managing Director, Zelio E-Mobility, said.
The company plans to issue up to 9.73 lakh equity shares at a price of Rs 853 per share to raise approximately Rs 83 crore. Simultaneously, the company's board approved issuing up to 9.96 lakh convertible warrants at Rs 853 each to various promoters, aggregating approximately Rs 85 crore.