Zelio board approves ₹167.95 crore equity and warrant issue

Zelio E-Mobility’s board has approved a plan to raise up to ₹167.95 crore through a preferential issue, according to Inc42. Four non-promoter investors would buy as many as 973,000 shares at ₹853 each for nearly ₹83 crore, while three promoters would receive more than 996,000 convertible warrants worth nearly ₹85 crore. Shareholders are due to consider the financing and related-party transactions at an extraordinary general meeting on October 20. The company says the capital would support manufacturing and dealership expansion.