India, Aug. 22 -- EV major Ola Electric has received the approval from its shareholders to alter the use of INR 5,500 Cr it raised from its IPO last year.

The company said that it received 99.1% votes in favour of its resolution for variation in the objects of utilisation of the IPO proceeds and extension of time limit for utilisation of the proceeds.

While the company has utilised INR 1,227.6 Cr set aside to expand its cell manufacturing plant, it has now revised the R&D expenditure to INR 1,505 Cr. This is a reduction of INR 95 Cr from the initially proposed INR 1,600 Cr investment.

For R&D, Ola Electric has already utilised INR 1,144.5 Cr and now plans to invest INR 550 Cr in FY26 and about INR 500 Cr in the next fiscal year.

Meanw...