India, March 19 -- Troubled EV major Ola Electric's board has proposed yet another change to the utilisation of its Rs.5,500 Cr IPO proceeds. The board has approved reallocating Rs.575 Cr from its research and product development budget to other objectives. 

While Rs.100 Cr will go towards organic growth initiatives, Rs.475 Cr is proposed to be reallocated to repay or prepay debt.

The move will reduce the total allocation for research and product development from Rs.1,505 Cr to Rs.930 Cr. The funds set aside for debt repayment will increase from Rs.395 Cr to Rs.870 Cr.

The company will now seek the nod of its shareholders for the proposed changes. As of March 11, 2026, Ola Electric had Rs.1,295.63 Cr in unutilised IPO proceeds.

T...