Ola Electric redirects IPO funds again. The electric two-wheeler maker has reallocated Rs 575 crore from research and development towards debt repayment and growth, marking its second major revision of the Rs 5,500 crore IPO proceeds. R&D allocation drops to Rs 930 crore from Rs 1,505 crore, while debt repayment increases to Rs 870 crore from Rs 395 crore. The move comes as Ola Electric faces mounting challenges, with its stock down nearly 70% since listing in August 2024 and market share falling to 3.7% in February. The company is also planning to reduce retail stores to around 550 by March and is seeking Rs 2,000 crore by offering stakes in its battery subsidiary to sovereign wealth funds and infrastructure investors.
Post from MarketNews_en
Log in to interact with content.