According to regulatory papers, as Ola Electric prepares to go public in the coming months, the company has undergone a corporate restructure to transform itself from a private limited company to a public company.
The conversion of a private limited company into a public company is a mandatory step for a company that wants to list on the stock exchange.
The name of the firm has been changed to Ola Electric Mobility Limited from Ola Electric Mobility Private Limited, the regulatory filings showed.
Ola Electric is India’s leading manufacturer of electric vehicles (EVs) and stands to have a market share of almost 35%, as per the press release.
Recently, the company announced the successful closure of Rs 3,200 crore of funding as a part of its equity and debt rounds raised from Temasek-led investors and project debt from the State Bank of India, respectively. The funds raised would be utilized towards the expansion of Ola’s EV business and setting up India’s first lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu.
Ola Electric was selected by the government as the only Indian EV company under its cell PLI scheme, receiving a maximum capacity of 20 GWh. The ACC PLI scheme will be instrumental in making India self-reliant and localising the most critical aspects of the EV value chain.