Mumbai, Sep 1 (PTI) Electric mobility firm Olectra Greentech on Thursday said its board has approved a plan to raise up to Rs 800 crore through issuance of securities.

The company is looking to raise the amount through issuance of equity shares and /or through sale of securities convertible into equity shares.

Also Read | WhatsApp Banned Over 23 Lakh Bad Accounts in India in July 2022.

These could include issuance of warrants through one or more private offerings, it said in a statement.

However, Olectra Greentech did not specify the purpose for raising the funds.

Also Read | Apple iPhone 15 Likely To Be Manufactured in India & China Next Year: Report.

Established in 2000, the company is part of the Hyderabad-based Megha Engineering and Infrastructures Limited.

Driven by higher revenue, the company saw its net profit rise to Rs 18.8 crore in the June quarter.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)