India, June 4 -- Electric vehicle (EV) maker Ola Electric has completed its qualified institutional placement (QIP), raising Rs.780.24 Cr by issuing 21.75 Cr equity shares at an issue price of Rs.35.86 apiece. The issue received an oversubscription of 56%.

The issue price is about 5% lower than the floor price of Rs.37.74 announced when the company launched the QIP on June 1.

The company's fund-raising committee approved the allotment of 21.75 Cr equity shares under the issue. Following the allotment, Ola Electric's paid-up equity share capital will increase to 462.84 Cr shares from 441.08 Cr shares earlier.

Investors like Goldman Sachs, Motilal Oswal, Mirae Asset Management, JM Financial, Societe Generale, among others, lapped up shar...