Partly paid-up equity shares are shares where the investor does not pay the full issue price upfront, and the company collects the remaining amount later on specified dates.
The issue will be offered to eligible shareholders as of a record date, which will be announced later, the filing said. The board is yet to finalize key terms of the issue, including the total number of shares, issue price, timing, and payment terms.
The latest fundraise comes just three months after Ola Electric raised Rs 780 crore through a qualified institutional placement (QIP) in June. The company had initially planned to raise Rs 500 crore through that issue. In June, its rival Ather Energy also approved plans to raise up to Rs 2,500 crore through a mix of QIP and other equity-linked instruments.
Ola Electric has been looking to strengthen its balance sheet as it attempts to expand its electric two-wheeler business amid intensifying competition from rivals. Automakers including TVS Motor, Bajaj Auto, Ather Energy and Hero MotoCorp have steadily gained share, pushing Ola Electric to the fifth position in monthly registrations.
In Q1 FY27, the company reported Rs 455 crore in revenue from operations, down from Rs 828 crore a year earlier, as vehicle registrations declined to 43,062 units in the reporting period from 54,676 units a year earlier, according to Vahan data. It also narrowed its net loss to Rs 336 crore, from Rs 428 crore a year earlier.
So far in September, Ola sold 10,991 electric two-wheelers, giving it a 6.1% market share, according to Vahan data. Its market share was 7.6% in August.