Ola Electric Gets Shareholders’ Nod To Alter Use Of IPO Proceeds

While the company has utilised INR 1,227.6 Cr set aside to expand its cell manufacturing plant, it has now revised the R&D expenditure to INR 1,505 C

It will increase the expenditure for organic growth initiatives by 3.4X to INR 1,200 Cr from the initially proposed INR 350 Cr

Besides, Ola Electric has added a new INR 395 Cr component for repayment or prepayment of debt

EV major Ola Electric has received the approval from its shareholders to alter the use of INR 5,500 Cr…