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Ola Electric Strengthens Financial Base with Strategic OCRPS Allotment

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Ola Electric Strengthens Financial Base with Strategic OCRPS Allotment

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Ola Electric Mobility Limited ( (IN:OLAELEC) ) has issued an update.

Ola Electric Mobility Limited announced the allotment of 40 crore Non-cumulative and Non-participating 0.001% Series A Optionally Convertible Redeemable Preference Shares (OCRPS) by its wholly owned subsidiary, Ola Electric Technologies Private Limited. This strategic move, approved by the board, involves a significant investment of INR 400 crore from Ola Cell Technologies Private Limited, another subsidiary, highlighting Ola Electric’s efforts to strengthen its financial base and enhance its market position in the electric vehicle sector.

More about Ola Electric Mobility Limited

Ola Electric Mobility Limited operates in the electric vehicle industry, focusing on the development and production of electric vehicles and related technologies. The company aims to revolutionize urban mobility by offering sustainable and innovative transportation solutions.

Average Trading Volume: 20,823,236

Technical Sentiment Signal: Strong Sell

Current Market Cap: 232B INR

For an in-depth examination of OLAELEC stock, go to TipRanks’ Overview page.

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