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Olectra Greentech sees major FPI participation in its Rs 800-crore fund-raising plan

These could include issuance of warrants through one or more private offerings. Olectra Greentech expects around 50% of the targeted fund-raising to come from FPIs.

Olectra Greentech sees major FPI participation in its Rs 800-crore fund-raising plan
The new unit will have a production capacity of 5,000 electric buses and trucks, and other EVs with a scalability of up to 10,000 units, the company's annual report said.

Electric mobility firm Olectra Greentech is expecting major participation from foreign portfolio investors (FPIs) when it raises up to Rs 800 crore through the issuance of security. The company will fix the date of fundraising at its AGM on September 28.

According to a senior company official, Rs 800 crore will be raised through issuance of equity shares and sale of securities convertible into equities. These could include issuance of warrants through one or more private offerings. Olectra Greentech expects around 50% of the targeted fund-raising to come from FPIs.

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The company seeks to use the fund for its expansion plans. Olectra has already acquired 150 acres at Seetharampur in Hyderabad from Telengana State Industrial Infrastructure Development Corporation for setting up a new plant. The new unit will have a production capacity of 5,000 electric buses and trucks, and other EVs with a scalability of up to 10,000 units, the company’s annual report said.

Olectra, a part of the Hyderabad based Megha Engineering & Infrastructure, has already delivered 769 electric buses to 13 state transport undertakings.

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