Ola Electric Board Approves ₹1,500 Crore Fundraise as COO Resigns

Ola Electric Mobility Limited has announced that its Board of Directors has approved an enabling resolution to raise funds up to ₹1,500 crore. The strategic decision was formally disclosed through regulatory filings submitted to stock exchanges on Saturday, which also confirmed the immediate resignation of Chief Operations Officer, Hyun Shik Park. According to the regulatory documents, Park stepped down from his role as Chief Operations Officer and Senior Management Personnel with effect from the close of business hours on 5 September 2026, citing personal reasons for his sudden departure.

To facilitate this planned capital raising exercise, the board approved an overarching enabling resolution allowing the enterprise to secure aggregate funding not exceeding ₹1,500 crore. This fresh capital will be raised through the issuance of equity shares or equity-linked convertible securities. The electric vehicle manufacturer is currently evaluating multiple financial routes to execute the planned transaction, including qualified institutional placements, rights issues, further public offers, private placements, and convertible debentures, among other permissible issuance mechanisms under prevailing statutory guidelines.

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In order to accommodate the potential expansion of its equity base arising from these new fundraising activities, the board approved an increase in the company's authorised share capital. The total authorised share capital will be enhanced from ₹8,318,49,98,850 to ₹8,721,87,34,420. This statutory corporate alteration will require a corresponding amendment to Clause V of the company's Memorandum of Association, subject to obtaining necessary shareholder and regulatory approvals.

In addition to the executive departure and capital enhancement plans, the board approved key governance decisions to ensure leadership continuity. The company announced the reappointment of two prominent Non-Executive Independent Directors, Manoj Kumar Kohli and Shradha Sharma, for a second term. Their renewal will span a period of five years, starting from 6 December 2026 and running through to 5 December 2031.