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

by · Inc42

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