Ola Electric converts into public limited company ahead of IPO filing

MUMBAI – Ola Electric has converted itself into a public limited company through a corporate restructuring as the leading electric vehicle maker gears up for its initial public offering.

The conversion of a private limited company into a public company is a mandatory step for a firm that wants to list on the stock exchange.

Consequently, the name of the firm has been changed to Ola Electric Mobility Ltd from Ola Electric Mobility PrivateLimited, according to the regulatory filings.

Ola Electric is India’s leading manufacturer of electric vehicles with a market share of almost 35%. Recently, the company announced the successful closure of Rs 3,200 crore of funding as part of its equity and debt rounds raised from Temasek-led marquee investors and project debt from the State Bank of India, respectively.

The funds raised would be utilized towards the expansion of the electric vehicle business and setting up a lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.

Ola’s factory in Krishnagiri will be a first-of-its-kind lithium-ion cell manufacturing facility in India, with an initial capacity of 5 GWh in phase-I, which will be further scaled up in phases to 100 GWh at full capacity.

Ola Electric recently expanded its scooter portfolio to five products, with prices ranging from Rs 89,999 to Rs 1,47,499.

(What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

Top Trending Stocks: Sensex Today Live, SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price


This website uses cookies. By continuing to use this site, you accept our use of cookies.