India, June 1 -- Ola Electric has launched its qualified institutional placement (QIP) to bolster its position in the E2W market.

The company has set a floor price of Rs.37.74 for its QIP, a discount of 4.53% from its closing price of Rs.39.53.

In a stock exchange filing today, the Bhavish Aggarwal-led company said its fund raising committee approved the opening of the QIP. The company added that it may offer a discount of up to 5% on the floor price, with the final issue price to be determined in consultation with the book-running lead managers.

Ola Electric plans to utilise a portion of the net proceeds from the issue to repay or prepay existing borrowings taken by both the parent entity and its material subsidiaries. These borrowing...