Shares of Ola Electric Mobility Ltd are trading flat after touching a day’s high of Rs 52.42 on 23rd May, after the firm yesterday (22nd May) said its board approved raising to Rs 1,700 crore via non-convertible debentures (NCDs) or other debt instruments.

The funds will be raised in one or more tranches through private placements or other allowed methods within existing shareholder-approved borrowing limits.

Instruments may include term loans, working capital facilities, NCDs, or other securities, with final structure and terms depending on market conditions.

As mentioned in the company’s regulatory filing, this decision was finalised during a board meeting held earlier yesterday.

Last month, 107 out of 131 Ola Electric showrooms in Maharashtra were found operating without mandatory trade certificates, prompting state-wide suspension orders.

So far, 43 showrooms have been shut, 214 vehicles have been seized, and RTOs have been directed to deactivate logins and update enforcement status within 24 hours.

At 11:13 AM, the shares of Ola Electric were trading 0.06% higher at Rs 51.50 on NSE.

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