India, June 4 -- Electric vehicle maker Ola Electric has closed its qualified institutional placement (QIP) fund raise. In its disclosure today, the company said that its fund raising committee approved the allotment of 21.75 Cr equity shares at an issue price of Rs.35.86 per share.

This implies a fund raise of Rs.780.2 Cr. Finalised confirmation of allocation note to be sent to the eligible qualified institutional buyers (QIBs), intimating them of allocation of equity shares pursuant to the issue.

The company is expected to shortly file the placement document.

Ola Electric opened its QIP on June 1, setting a floor price of Rs.37.74 for the issue. The revised issue price represents an about 5% discount from the floor price.

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