India, Sept. 28 -- Ola Electric's board of directors have cleared a rights issue of partly paid-up equity shares amounting to an aggregate of up to Rs.1,000 Cr to unidentified eligible equity shareholders. The board will now decide on particulars like the price of the rights issue, rights entitlement ratio, record date and timing of the issue, among others, soon.

The announcement comes just days after the EV maker's board gave the nod for it to raise fresh funding of up to Rs.1,500 Cr. On September 23, it chose the rights issue as the route for its capital raise "to enable participation by all eligible shareholders including retail, institutional and promoter group, subject to applicable law".

It remains to be seen through which means, ...