India, Nov. 28 -- Listed EV manufacturer Ola Electric has received the approval from its board to raise up to INR 1,500 Cr as the loss-making company looks to strengthen its cash reserves.

In an exchange filing, the company said it received the shareholders' nod to raise the funds through issuance of securities via further public offer, rights issue, QIP, private placement and/ or any other permitted modes.

The company's board of directors approved the fundraise last month. Ola Electric plans to deploy the freshly raised funds to ramp up the cell business, expand battery energy storage systems, strengthen post sales production, and new product development.

This comes at a time when Ola Electric is shifting its focus towards being an en...