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EV major Ola Electric’s board has approved a proposal to raise up to INR 1,700 Cr debt via non-convertible debentures (NCDs), term loans, working capital facilities, or any other eligible debt securities.
In an exchange filing, the company said that the debt can be raised in one or more tranches and/or by way of one or more issuances.
“… the board of directors… has inter-alia, considered and approved the proposal of fund raising by borrowing funds within the borrowing limits approved by the shareholders of the company, by way of: (i) term loans, working capital facilities; or (ii) issuance of NCDs or any other eligible debt securities, in one or more tranches, on a private placement basis or such other methods,” the filing said.
Shares of Ola Electric ended today’s trading session 0.27% higher at INR 51.5 on the BSE.
(Story will be updated soon)
The post Ola Electric Gets Board Nod To Raise INR 1,700 Cr Debt appeared first on Inc42 Media.
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