India, March 31 -- EV maker Ola Electric's board has approved an infusion of INR 199 Cr in its battery manufacturing subsidiary Ola Cell Technologies (OCT).

In an exchange filing, the EV manufacturer said that it will acquire 19.9 Cr compulsory convertible preference shares (CCPS) in its wholly-owned subsidiary at INR 10 apiece. The listed company expects the all-cash deal to be completed by April 30, 2025.

The fresh proceeds will be used by Ola Cell Technologies to "support its business requirements".

In addition, Ola Electric's board also gave its nod to convert outstanding payables to the tune of INR 61.2 Cr owed by OCT into 6.12 Cr CCPS.

"The conversion of the outstanding payables into compulsorily convertible preference shares by...