Ola Electric Mobility Ltd. on Saturday, October 25, said its board of directors has approved a proposal to raise funds of up to ₹1,500 crore.

The company may consider raising the amount by issuing equity shares or convertible securities including warrants or other instruments, via a public offer, rights issue, qualified institutional placement (QIP), private placement, or any other mode, Ola Electric informed the exchanges.

The fundraising is subject to approval by the company’s shareholders who will vote to approve or disapprove the plan.

It is not yet clear what the company intends to use the funds for. However, the EV maker recently announced its plans to move beyond the mobility market and tap clean energy segment.

The company on October 16 announced the launch of Ola Shakti, a p

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