India, Sept. 23 -- Electric vehicle (EV) manufacturer Zelio E-Mobility's board of directors approved a proposal today to raise up to Rs.167.95 Cr via a preferential issue of equity shares and convertible warrants to fund its growth initiatives.

The BSE SME listed company will issue up to 9.73 Lakh equity shares at an issue price of Rs.853 per share to four non-promoter institutional and private investors, aggregating to nearly Rs.83 Cr. The allottees would be Motilal Oswal Financial Services to get Rs.40.1 Cr, Calliope Capital Advisors LLP (Rs.31.4 Cr), Param Value Investments (Rs.8.5 Cr), and Hem Growth Opportunities Fund (nearly Rs.3 Cr).

Simultaneously, the board approved issuing over 9.96 Lakh convertible warrants at the same issue ...