Ola Electric Mobility Completes Qualified Institutions Placement Raising Approximately ₹78 Crore
Ola Electric Mobility Ltd has announced the successful outcome of its Fund Raising Committee regarding a Qualified Institutions Placement (QIP). The company approved the allotment of 217,578,428 Equity Shares to eligible qualified institutional buyers. This transaction significantly augmented the company's capital base and was completed at an issue price of ₹35.86 per Equity Share.The QIP involved the issuance of 217,578,428 Equity Shares, each with a face value of ₹10. The total amount raised from this placement amounts to ₹780,23,62,428.08. This issue price included a premium of ₹25.86 per Equity Share and accounted for a 4.98% discount (₹1.88 per Equity Share) relative to the floor price of ₹37.74 per Equity Share.
The successful allotment led to an increase in the company's paid-up equity share capital. The company's capital rose from ₹44,108,298,850, comprising 4,410,829,885 Equity Shares of face value of ₹10 each, to ₹46,284,083,130, which represents a total of 4,628,408,313 Equity Shares of face value of ₹10.
Details pertaining to the securities issued and allotted during the placement are summarized below:
| Type of Securities Issued | Detail |
|---|---|
| Type of Issuance | Qualified Institutions Placement |
| Total Number of Securities | 217,578,428 Equity Shares at an issue price of ₹35.86 per Share (including a premium of ₹25.86) |
| Total Amount Raised | ₹780,23,62,428.08 |
The placement saw participation from several major institutional investors. The following table details the allottees who were allotted more than five percent (5%) of the Equity Shares offered in the Issue:
| Sr. No. | Name of the Allottee | Category | No. of Equity Shares Allotted | % of shares allotted to the total Issue Size |
|---|---|---|---|---|
| 1 | MIRAE ASSET LARGE &MIDCAP FUND | Mutual Fund | 2,09,14,668 | 9.61 |
| 2 | MIRAE ASSET ELSS TAX SAVER FUND MIRAATSFD | Mutual Fund | 55,77,245 | 2.56 |
| 3 | MIRAE ASSET MIDCAP FUND MIRAEAMF | Mutual Fund | 69,71,556 | 3.20 |
| 4 | MOTILAL OSWAL SMALL CAP FUND | Mutual Fund | 1,11,54,490 | 5.13 |
| 5 | MOTILAL OSWAL ACTIVE MOMENTUM FUND | Mutual Fund | 97,60,178 | 4.49 |
| 6 | JM FINANCIAL MUTUAL FUND-JM VALUE FUND | Mutual Fund | 5,57,724 | 0.26 |
| 7 | JM FINANCIAL MUTUAL FUND - JM FLEXICAP FUND | Mutual Fund | 83,65,867 | 3.85 |
| 8 | JM FINANCIAL MUTUAL FUND - JM MIDCAP FUND | Mutual Fund | 13,94,311 | 0.64 |
| 9 | JM FINANCIAL MUTUAL FUND - JM SMALL CAP FUND | Mutual Fund | 8,36,587 | 0.38 |
OLAELEC Stock Price Movement
Shares of Ola Electric Mobility Limited slipped on Thursday, shedding 1.55% to close at ₹43.32 after trading into a downturn. The stock saw heavy activity during the session, with 251.63 million shares changing hands in the market.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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