Mumbai: Ola Electric Mobility has deferred a board meeting to finalise terms of its proposed rights issue of up to Rs 1,000 crore, as it awaits in-principle approval from stock exchanges.
In a filing dated October 5, 2026, the company said the meeting scheduled for that day would be postponed. It will announce the revised date in due course.
Approval still awaited
The company had informed exchanges on September 28 that its board would meet on October 5 or after receiving the approvals, whichever was later.
These included in-principle clearance from the exchanges where its securities are listed, along with approvals from other regulatory authorities, if required.
Ola Electric said it was still awaiting the stock exchanges’ approval. The filing did not indicate when that clearance was expected or provide a timeline for the board meeting.
Rs 1,000 crore fundraising plan
The proposed rights issue involves partly paid-up equity shares with a face value of Rs 10 each. The total amount to be raised will not exceed Rs 1,000 crore.
The face value mentioned in the filing is separate from the issue price, which remains among the matters the board is expected to decide.
The postponed meeting was intended to consider, discuss and determine the terms of the fundraising exercise.
Key terms remain pending
Items on the board’s agenda included the rights issue price, the payment mechanism and the rights entitlement ratio.
Directors were also expected to decide the record date, the timing of the issue and connected matters.
The disclosure does not announce any of these terms. Shareholders will therefore need to await communication for details of eligibility, pricing and the payment schedule.
Fresh date to follow
The announcement concerns postponement of the board meeting and does not announce cancellation of the proposed rights issue.
The filing was signed by Deepa Bansal, Company Secretary and Compliance Officer. Ola Electric said the disclosure would be available on its investor relations website.
Disclaimer: This report is based on Ola Electric’s stock exchange filing and is for information only, not investment advice or recommendations.
