Ola to raise $100 mn to  fuel expansion

Source: The Hitavada      Date: 22 Apr 2017 08:23:03


NEW DELHI,

Apr 21 ,

(PTI) ,

CAB aggregator Ola is looking at raising up to USD 100 million in fresh funding from existing shareholders to take American rival Uber head-on. The board of the Bengaluru-based company has approved a proposal to raise up to USD 100 million from existing shareholders in a recent meeting.

Both Ola and Uber have made multi-million dollar investments in their operations in India to ramp up number of vehicles on their platform as well as getting new riders on board. The board approved the proposal to offer convertible securities at Rs 13,521 apiece through a rights issue at its meeting on March 22, 2017.

In a regulatory filing, ANI Technologies -- which operates Ola -- said its board has approved raising “up to USD 100 million (about Rs 670 crore) by issue of 495,526 Series ‘l1’ preference shares of face value Rs 10 each at a price per subscription share equivalent to Rs 13,521”.