Comments
Ola Electric’s founder, Bhavish Aggarwal, has defended the company against a lawsuit filed by MapMyIndia, coming just days before Ola Electric’s scheduled initial public offering (IPO) on Friday.
He said the company would respond (to the lawsuit) at the right time.
“It is opportunistic of MapMyIndia. We will respond to them at the right time.”
Ola Electric is not involved in the mapping business, Aggarwal said adding that the company is prepared to address the situation as needed.
CE Info Systems, the parent company of MapMyIndia, which had provided services to Ola, had said that the latter has “copied” MapMyIndia’s proprietary data by co-mingling and reverse engineering the licensed product.
Ola Electric’s IPO is a combination of a fresh issue of equity shares up to ₹5,500 crore and an offer for sale (OFS) of 8.49 crore equity shares by promoters and investors. The company has set a price band of ₹72-76 for what will be the county’s biggest IPO this year.
Anchor investors’ window opens on August 1. Funds raised will be used for expansion of the installed capacity of Ola Gigafactory from 5GWh to 6.4GWh; repayment or pre-payment, in full or in part, of Ola Electric Technologies, its material subsidiary, working capital borrowings; investment in research and product development, including investments in property, plant and equipment and intangible assets; organic growth initiatives; and general corporate purposes.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.