Ola Electric fixes QIP floor price at Rs 37.74; Opens issue

New Delhi [India], June 2 (ANI): Ola Electric's fund-raising committee approved the opening of its Qualified Institutions Placement (QIP) on June 1, fixing the floor price at Rs 37.74 per equity share. The electric vehicle manufacturer launched the capital raising initiative following earlier approvals from its board and shareholders. The placement involves equity shares with a face value of Rs 10 each, offered to eligible institutional buyers.
According to an Ola Electric exchange filing, the company authorized the immediate opening of the issue and adopted the preliminary placement document alongside the application form for eligible qualified institutional buyers.
The floor price calculation relied on the regulatory pricing formula prescribed under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations. The company noted that the relevant date for determining this floor price was set as June 1, 2026.
"Pursuant to Regulation 176(1) of the SEBI ICDR Regulations and in accordance with the approval of the members of the Company accorded through a special resolution on November 27, 2025, the Company may at its discretion offer a discount of not more than 5% (five percent) on the floor price so calculated for the Issue," the company stated in the filing.
"The Issue Price will be determined by the Company in consultation with the book running lead managers appointed in relation to the Issue," the filing added.
The current capital raise stems from a broader corporate authorization process initiated last year. The board of directors originally accorded approval for the institutional placement during a meeting held on October 25, 2025.
Subsequently, the members of the company passed a special resolution to greenlight the move by way of a postal ballot on November 27, 2025.
Regarding internal governance during the bidding window, the company implemented standard regulatory trading restrictions for its personnel.
In compliance with regulatory requirements, the trading window for dealing in the company's securities remains closed until 48 hours after the determination of the issue price. (ANI)