Ola Electric shareholders vote in favour of reallocation of IPO proceeds; Check details

Ola Electric Mobility on Friday, August 22, announced that its shareholders have approved the reallocation of initial public offering (IPO) proceeds and the extension of the time limit for the utilisation of the same at its Annual General Meeting (AGM).

The Bengaluru-headquartered firm concluded its first AGM since going public in 2024.

As per exchange filings, 99.09% shareholders voted in favour of the resolution,

After the reallocation, the unutilised amount will be as follows: ₹1,049 crore for research and development (R&D) investments, ₹901 crore for organic growth initiatives, ₹395 crore for debt repayment or prepayment, and ₹248 crore will be used for general corporate purposes.

The timeline extension approval was mainly sought to accommodate the utilisation of the additional funds being allocated towards organic growth initiatives.

This will fully meet Ola Electric’s near-term organic-growth capital requirements and further strengthen the balance sheet.

Apart from the approval for reallocation of IPO proceeds, shareholders also passed several other key resolutions at the AGM.

The company had floated a book-building IPO of ₹6,145.56 crore, comprising a fresh issue of 72.38 crore shares aggregating to ₹5,500.06 crore and an offer for sale of 8.49 crore shares totalling to ₹645.50 crore in 2024.

It was listed flat on both the NSE and BSE at an issue price of ₹76 and ₹75.99, on August 9, 2024.

Ola Electric Mobility stock performance

Shares of Ola Electric Mobility closed 3.75% lower at ₹46.98 apiece on the National Stock Exchange (NSE) on Friday. During the day, the stock tumbled as much as 4% to an intra-day low of ₹46.86. However, the announcement came after the market closed.

The scrip gained 14.23% over the week and since the beginning of August. However, it lost 18.64% during the first quarter of the 2025-26 financial year (Q1FY26) and 44.96% on a year-to-date basis.

While the share hit a year’s low of ₹39.60 on July 14, 2025, it was at a 52-week low of ₹143.50 almost a year ago on August 21, 2024.

Ola Electric Mobility has a total market capitalisation of ₹20,722.08 crore, as of August 22, 2025, as per data on the NSE.