Ola Electric’s board has approved raising up to Rs 1,000 crore through a rights issue of partly paid shares with a face value of Rs 10 each. The decision was taken on September 28.

The issue falls within the Rs 1,500 crore fundraising plan approved by shareholders on September 5. The company has not yet announced the price, ratio or record date for the rights issue.

The fundraising follows a Rs 780 crore qualified institutional placement in June at Rs 35.86 per share. The company has been raising capital to fund growth as competition in India’s electric two-wheeler market intensifies.

Financial pressure remains evident. Revenue fell 45 percent to Rs 455 crore in the first quarter of FY27, while the net loss stood at Rs 336 crore.

The annual general meeting is scheduled for September 30. Shareholders will watch for updates on the rights issue terms and the company’s turnaround plans.