Ola Electric Mobility has announced a proposed variation in the allocation of its Initial Public Offering (IPO) proceeds, subject to shareholder approval. The board of directors approved the changes during a meeting held on 18 March 2026.
The company plans to reallocate ₹575 crore from its original Object 3, which was intended for investment into research and product development. This amount will be distributed as ₹100 crore to Object 4, which focuses on expenditure for organic growth initiatives, and ₹475 crore to Object 6, aimed at repayment or prepayment of indebtedness incurred by the company and its subsidiaries.
The original allocation for Object 3 was ₹1,505 crore, with ₹695.10 crore remaining unutilised as of 11 March 2026. Following the proposed variation, the revised allocation for Object 3 will be ₹930 crore, with a balance of ₹120.10 crore remaining.
Object 4’s revised allocation will increase to ₹1,300.64 crore, with a balance of ₹372.46 crore, while Object 6’s allocation will rise to ₹870 crore, with a balance of ₹568.06 crore. The timeline for the utilisation of funds for Objects 4, 5, and 6 remains set for the fiscal year 2026-27.
The total amount raised from the IPO, excluding issue-related expenses, remains at ₹5,275.06 crore, with ₹1,292.86 crore unutilised. Including issue-related expenses, the total IPO proceeds amount to ₹5,500 crore, with ₹1,295.63 crore still unutilised.
Ola Electric Mobility will issue a notice to obtain shareholder approval for the proposed variations, and further details will be provided in the explanatory statement attached to the notice. The board meeting commenced at 5:00 PM IST and concluded at 5:30 PM IST.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).