NEW DELHI: Ola Electric, an electric two-wheeler business, has received approval from capital markets regulator SEBI to raise funds through an initial public offering (IPO), the first by an automaker in the country in more than two decades, according to people familiar with the matter.
According to the draft red herring prospectus (DRHP), the proposed IPO will consist of a fresh issue of equity shares up to Rs 5,500 crore and an offer for sale (OFS) of 9.52 crore equity shares by promoters and investors.
The Bengaluru-based company, which filed preliminary IPO papers with Sebi in December 2023, has now received approval to launch the public offering, they added.
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