Electric vehicle maker Ola Electric has closed its qualified institutional placement (QIP) fund raise. In its disclosure today, the company said that its fund raising committee approved the allotment of 21.75 Cr equity shares at an issue price of ₹35.86 per share.

This implies a fund raise of ₹780.2 Cr. Finalised confirmation of allocation note to be sent to the eligible qualified institutional buyers (QIBs), intimating them of allocation of equity shares pursuant to the issue.

The company is expected to shortly file the placement document. 

Ola Electric opened its QIP on June 1, setting a floor price of ₹37.74 for the issue. The revised issue price represents an about 5% discount from the floor price. 

Important to mention that the company’s board had approved a proposal to raise ₹1,500 Cr via various routes, including QIP. The board approval, which came back in October, was subsequently approved by the company’s shareholders.

The fundraising comes as Ola Electric looks to strengthen its balance sheet amid rising competition in India’s E2W  market and continued pressure on its financial performance.

(The story will be updated soon)

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