India, June 21 -- EV maker Okinawa Autotech is looking to raise INR 60 Cr (around $7 Mn) from existing investor Dhruv Khush Business Ventures.

As per its MCA filings, the EV startup's board passed a resolution on June 17 to allot 23.51 Lakh shares at an issue price of INR 255.21 each on a private placement basis.

Okinawa plans to deploy the fresh proceeds to meet working capital requirements and to repay its debt.

"In order to meet the funding requirements of the company for, working capital and repayment of debt, it is proposed to issue and allot up to 23,51,000 equity shares of face value INR 10 each at a price of INR 255.21 per share., aggregating up to INR 60,00,00,000, to the identified investors on a private placement basis," the...