Ola Electric Mobility Limited Proposes Variation in IPO Proceeds Utilization
Ola Electric Mobility Limited announced on March 18, 2026, that its Board of Directors has approved a proposed variation in the utilization of proceeds from its Initial Public Offering (IPO). The variation is subject to shareholder approval.The company disclosed details of the proposed changes, outlining original IPO objectives, amounts raised, unutilized funds, and revised timelines. Key adjustments include the allocation of funds from Object 3 (Investment into research and product development) to Objects 4 (Organic growth initiatives) and 6 (Repayment or prepayment of debt).
A summary of the proposed variation is presented below:
| Sr. No. | Original Object of IPO | Total Amount Raised | Amount Unutilized (as of March 11, 2026) | Details of Variation | Revised Amount After Variation | Balance Post Variation | Revised Timeline for Utilization |
|---|---|---|---|---|---|---|---|
| 1 | Expansion of cell manufacturing plant capacity (OCT subsidiary) | - | - | No change | - | - | No change |
| 2 | Repayment/prepayment of debt | 800.00 | - | No change | 800.00 | - | No change |
| 3 | Investment in research and product development | 1505 | 695.1 | 575.00 allocated: INR 100 Cr to Object 4, INR 475 Cr to Object 6 | 930.00 | 120.1 | No change |
| 4 | Organic growth initiatives | 1200.64 | 272.46 | 100.00 allocated from Object 3 | 1300.64 | 372.46 | Fiscal Year 2026-27 |
| 5 | General corporate purposes | 1374.42 | 232.24 | No change | 1374.42 | 232.24 | Fiscal Year 2026-27 |
| 6 | Repayment/prepayment of debt (Company & Subsidiaries) | 395 | 93.06 | 475.00 allocated from Object 3 | 870.00 | 568.06 | Fiscal Year 2026-27 |
| Total (excluding expenses) | 5275.06 | 1292.86 | 5275.06 | 1292.86 | |||
| Issue related expenses | 224.94 | 2.77 | No change | 224.94 | 2.77 | Fiscal Year 2026-27 | |
| Total (including expenses) | 5500 | 1295.63 | 5500 | 1295.63 |
The company will provide further details in the explanatory statement attached to the notice for shareholder approval. The Board meeting commenced at 5:00 PM (IST) and concluded at 5:30 PM (IST). Further information will be posted on the company’s website, www.olaelectric.com.
The announcement was made by Deepak Rastogi, Chief Financial Officer, from Bengaluru.
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