The Bengaluru-based firm on Friday concluded its first AGM since going public in 2024.
As per exchange filings, 99 % of shareholders voted in favour of the resolution to reallocate IPO proceeds, signalling investor trust in the company and its long-term vision.
This will fully meet the company’s near-term organic growth capital requirements, it added.
In order to fuel the next phase of growth for the business, the company has strategically reallocated funding for organic growth initiatives, general corporate purposes, and debt repayment, it said.
After the reallocation of funds, the unutilised amount is as follows: Rs 1,049 crore for R&D investment, Rs 901 crore for organic growth initiatives, Rs 395 crore for debt repayment/prepayment, and Rs 248 crore for general corporate purposes.
Apart from the approval for reallocation of IPO proceeds, shareholders also passed several other key resolutions at the AGM.
Ola Electric Mobility went public on August 9, 2024.
Shares of the company closed 3.38% down at Rs 47.18 apiece on the BSE.