Ola Electric To Divert ₹475 Cr IPO Proceeds From R&D To Debt Repayment

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SUMMARY

Ola Electric’s board has approved reallocating ₹575 Cr from its research and product development budget to other objectives

While ₹100 Cr will go towards organic growth initiatives, ₹475 Cr is proposed to be reallocated to repay or prepay debt

The move will reduce the total allocation for research and product development from ₹1,505 Cr to ₹930 Cr. The funds set aside for debt repayment will increase from ₹395 Cr to ₹870 Cr

Troubled EV major Ola Electric’s board has proposed yet another change to the…



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Ola Electric To Divert ₹475 Cr IPO Proceeds From R&D To Debt Repayment


SUMMARY

Ola Electric’s board has approved reallocating ₹575 Cr from its research and product development budget to other objectives

While ₹100 Cr will go towards organic growth initiatives, ₹475 Cr is proposed to be reallocated to repay or prepay debt

The move will reduce the total allocation for research and product development from ₹1,505 Cr to ₹930 Cr. The funds set aside for debt repayment will increase from ₹395 Cr to ₹870 Cr

Troubled EV major Ola Electric’s board has proposed yet another change to the…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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