Ola Electric Mobility on Monday approved the opening of its qualified institutional placement (QIP) issue and fixed a floor price of Rs 37.74 per equity share for the fund raise. The company's Fund Raising Committee approved the launch of the issue at a meeting held on June 1 and also cleared the preliminary placement document and application form to be sent to eligible qualified institutional buyers.
The floor price has been determined in accordance with the pricing formula prescribed under Sebi regulations. The company said it may offer a discount of up to 5% to the floor price, subject to applicable regulations and shareholder approval.
