Ola Electric Mobility Limited has informed the Exchange regarding Notice of Postal Ballot
OLAELEC · price
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Ola Electric is seeking shareholder approval via postal ballot (e-voting from March 24 to April 22, 2026) to vary the use of its ₹5,500 Crore IPO proceeds raised in August 2024. As of March 11, 2026, the company has utilised ₹4,204 Cr (76.4%), with ₹1,295 Cr still unspent. The proposal is to reallocate ₹575 Cr from the R&D budget (Object 3) — moving ₹100 Cr to organic growth initiatives in the auto business and ₹475 Cr to debt repayment. This is the second variation in IPO object use; the first was cleared at the 8th AGM in August 2025. Management cites slowing electric two-wheeler industry growth (around 15% vs ~26% earlier), completed R&D investments totalling about ₹2,000 Cr, and a path to operating breakeven in FY27 as the rationale for reallocating capital toward deleveraging.
The shift prioritises debt reduction and balance sheet strength over further R&D spend, which may reassure investors concerned about leverage but could limit firepower for new product development. Shareholders need to vote by April 22, 2026; the outcome is procedural but signals management's cautious near-term capital allocation stance.