Ola Electric plans Rs 1,000 Cr rights issue, appoints new compliance officer
Ola Electric Mobility’s board has approved raising up to Rs 1,000 crore via a rights issue of partly paid-up shares to bolster its capital structure.
Ola Electric is taking steps to strengthen its finances and leadership as competition intensifies in India’s electric two-wheeler market.
In a board meeting on September 28, 2026, the Bengaluru-based company approved plans to raise up to Rs 1,000 crore through a rights issue of partly paid-up equity shares with a face value of Rs 10 each, according to a BSE investor filing.
Alongside the fundraising plan, the board appointed Deepa Bansal as the new Company Secretary and Compliance Officer. Bansal has over 11 years of experience in secretarial and governance roles, and has previously worked at Medi Assist Healthcare, Tessolve Semiconductor, and Kothari Petrochemicals. She will take charge of the key managerial role with immediate effect.
The latest fundraising plan follows a series of capital-raising efforts by Ola Electric in recent months. The company had recently approved plans to raise up to Rs 1,500 crore and raised Rs 780 crore through a Qualified Institutional Placement (QIP) in June, exceeding its initial target of Rs 500 crore.
While the board has given the baseline approval for the Rs 1,000 crore rights issue, the specifics are still being ironed out. The board is expected to meet again on or after October 5, pending in-principle nods from stock exchanges, to set the issue price, entitlement ratio, payment structure, and the official record date for eligible shareholders.
The capital push comes at a critical juncture for the EV maker, which has been feeling the heat from legacy automakers and aggressive rivals like TVS Motor, Bajaj Auto, Ather Energy, and Hero MotoCorp. These competitors have steadily chipped away at Ola Electric’s dominant position, pushing it down to fifth place in monthly registrations.
That shift is reflected in the company's recent numbers. For the first quarter of FY27, revenue from operations dropped to Rs 455 crore from Rs 828 crore a year earlier, with Vahan registration figures dipping from 54,676 units to 43,062 units. The silver lining in an otherwise tough quarter came on the bottom line, where net losses narrowed to Rs 336 crore, down from Rs 428 crore in the same period last year.
(Disclaimer: Shradha Sharma, Founder and CEO of YourStory, is an independent director at Ola Electric.)