Ola Electric IPO Entry
Ola Electric has become a public corporation, which is an important step toward its Initial Public Offering (IPO). This significant milestone necessitated corporate reorganization, which resulted in the company’s name being changed from Ola Electric Mobility Private Limited to Ola Electric Mobility Limited.
Converted into a Public Company
Converting a private limited company to a public corporation is a necessary step for companies that want to be listed on the stock exchange.
Following the conversion to a public company, the Ministry of Corporate Affairs issued the following certificate of incorporation on November 17: “I hereby certify that OLA ELECTRIC MOBILITY PRIVATE LIMITED, which was originally incorporated on THIRD DAY OF FEBRUARY TWO THOUSAND SEVENTEEN under Companies Act, 1956 as OLA ELECTRIC MOBILITY PRIVATE LIMITED and upon an intimation made for conversion into public company under Section 18 of the Companies Act, 2013.
The IPO is expected to give Ola Electric with the funds it needs to accelerate its growth goals, invest in technology, and strengthen its position in the competitive electric mobility sector.
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