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OLA ELECTRIC MOBILITY LIMITED CIN - L74999KA2017PLC099619 Date: October 07, 2026 To, To, National Stock Exchange of India Ltd., BSE Limited Address: Exchange Plaza, C-1, Block G, Address: Phiroze Jeejeebhoy Towers Bandra Kurla Complex, Bandra (E), Dalal Street Mumbai- 400001, Mumbai-400051, Maharashtra, India. Maharashtra, India. NSE Scrip Symbol: OLAELEC BSE Scrip Code: 544225 Dear Sir/Madam, Subject: Submission of Letter of Offer for Rights Issue of partly paid-up Equity Shares of Ola Electric Mobility Limited (the “Company”). In continuation to our intimation on the outcome of the Board Meeting dated October 07, 2026, wherein the Company is proposing to undertake Rights Issue of 37,02,72,665 partly paid-up Equity Shares of face value of ₹10 each (“Rights Equity Shares”) at an issue price of ₹27 each (including a premium of ₹17 per Rights Equity Share), aggregating up to ₹ 9,99,73,61,955 crores to the eligible equity shareholders of the Company in the ratio of 2 (Two) Rights Equity Shares for every 25 (Twenty-Five) fully paid- up Equity Shares held by eligible shareholders on the record date i.e. Tuesday, October 13, 2026. In this regard, please find enclosed the Letter of Offer dated October 07, 2026 which was approved by the Board of Directors of the Company at its meeting held on October 07, 2026. The Company has submitted the Letter of Offer with the Securities and Exchange Board of India (“SEBI”), BSE Limited and National Stock Exchange of India on October 07, 2026, in compliance with the Securities Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, and the SEBI Circular bearing no. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2025/31 dated March 11, 2025. You are requested to kindly take the above information on record. Thanking you, Yours faithfully, For and on behalf of Ola Electric Mobility Limited Deepa Bansal Company Secretary and Compliance Officer Membership No. A37579 Place: Bengaluru Encl: As above Registered Address: Wing C, Prestige RMZ Startech, Hosur Road, Municipal Ward No.67, Municipal No. 140, Industrial Layout, Koramangala, Bengaluru – 560095, Karnataka, India | Landline: 080 35440050 | companysecretary@olaelectric.com | www.olaelectric.com Letter of Offer October 7, 2026 For Eligible Equity Shareholders only OLA ELECTRIC MOBILITY LIMITED Our Company was incorporated as Ola Electric Mobility Private Limited on February 3, 2017, at Bengaluru, Karnataka, India, as a private limited company under the Companies Act, 2013. Subsequently, our Company was converted into a public limited company, and its name was changed to Ola Electric Mobility Limited and a fresh certificate of incorporation consequent upon change of name was issued by the Registrar of Companies, Karnataka at Bengaluru (“RoC”) on November 17, 2023. For details in relation to changes in the registered office of our Company, see “General Information” beginning on page 72. Registered and Corporate Office: Wing C, Prestige RMZ Startech, Hosur Road, Municipal Ward No.67, Municipal No. 140, Koramangala VI Bk, Bengaluru, 560 095, Karnataka, India Tel: +91 80 6735 0900; Contact Person: Ms. Deepa Bansal, Company Secretary and Compliance Officer E-mail: companysecretary@olaelectric.com; Website: www.olaelectric.com Corporate Identity Number: L74999KA2017PLC099619 OUR PROMOTER: BHAVISH AGGARWAL FOR PRIVATE CIRCULATION TO THE ELIGIBLE EQUITY SHAREHOLDERS OF OLA ELECTRIC MOBILITY LIMITED (OUR “COMPANY”) ONLY ISSUE OF UP TO 37,02,72,665 PARTLY PAID-UP EQUITY SHARES OF FACE VALUE ₹10 EACH OF OUR COMPANY (THE “RIGHTS EQUITY SHARES”) AT A PRICE OF ₹27 PER RIGHTS EQUITY SHARE (INCLUDING A PREMIUM OF ₹17 PER RIGHTS EQUITY SHARE) (“ISSUE PRICE”) AGGREGATING UP TO ₹999.74 CRORE* ON A RIGHTS BASIS TO THE ELIGIBLE EQUITY SHAREHOLDERS OF OUR COMPANY IN THE RATIO OF 2 (TWO) RIGHTS EQUITY SHARE FOR EVERY 25 (TWENTY FIVE) FULLY PAID-UP EQUITY SHARES OF ₹10 EACH OF OUR COMPANY HELD BY THE ELIGIBLE EQUITY SHAREHOLDERS ON THE RECORD DATE, THAT IS ON OCTOBER 13, 2026 (“RECORD DATE”) (THE “ISSUE”). FOR FURTHER DETAILS, SEE “TERMS OF THE ISSUE” BEGINNING ON PAGE 107. *Assuming full subscription in the Issue, Allotment and receipt of all Call Monies with respect to the Rights Equity Shares. Subject to finalization of Basis of Allotment. For further details on Payment Schedule, see “Terms of the Issue – Payment Terms” beginning on page 129. PAYMENT SCHEDULE FOR THE RIGHTS EQUITY SHARES AMOUNT PAYABLE PER RIGHTS EQUITY SHARE* DUE DATE FACE PREMIUM TOTAL VALUE (₹) (₹) (₹) On Application 6.00 10.20 16.20 First and Final Call, which is expected to be completed on or prior to October 31, 2027 4.00 6.80 10.80 Total (₹) 10.00 17.00 27.00 Note: Our Board retains the right to change the schedule of payment, such as the timing of the First and Final Call (including before or after October 31, 2027) on account of business requirements and other commercial considerations, subject to compliance with applicable laws. *For further details on Payment Schedule, see “Terms of the Issue – Payment Terms” beginning on page 129. WILFUL DEFAULTERS OR FRAUDULENT BORROWERS Neither our Company nor our Promoter nor any of our Directors have been or are identified as Wilful Defaulters or Fraudulent Borrowers. See “Other Regulatory and Statutory Disclosures” beginning on page 103. GENERAL RISKS Investment in equity and equity related securities involve a degree of risk and investors should not invest any funds in the Issue unless they can afford to take the risk with such investment. Investors are advised to read the risk factors carefully before taking an investment decision in the Issue. For taking an investment decision, investors should rely on their own examination of our Company and the Issue, including the risks involved. The securities being offered in the Issue have not been recommended or approved by the Securities and Exchange Board of India (the “SEBI”) nor does SEBI guarantee the accuracy or adequacy of this Letter of Offer. Specific attention of investors is invited to the section “Risk Factors” beginning on page 21. COMPANY’S ABSOLUTE RESPONSIBILITY Our Company, having made all reasonable inquiries, accepts responsibility for and confirms that this Letter of Offer contains all information with regard to our Company and the Issue, which is material in the context of the Issue, that the information contained in this Letter of Offer is true and correct in all material aspects and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and that there are no other facts, the omission of which makes this Letter of Offer as a whole or any such information or the expression of any such opinions or intentions misleading in any material respect. LISTING The existing Equity Shares are listed on BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”, and together with BSE, the “Stock Exchanges”). Our Company has received the “in-principle” approvals from BSE and NSE for listing the Rights Equity Shares to be allotted pursuant to the Issue through their letters, each dated October 6, 2026. Our Company will also make applications to the Stock Exchanges to obtain trading approvals for the Rights Entitlements as required under the SEBI ICDR Master Circular. For the purposes of this Issue, the Designated Stock Exchange is NSE. REGISTRAR TO THE ISSUE MUFG Intime India Private Limited (formerly Link Intime India Private Limited) C-101, Embassy 247, 1st Floor, L B S Marg Vikhroli (West), Mumbai 400 083 Maharashtra, India Tel: + 91 81081 14949 E-mail: olaelectric.rights@in.mpms.mufg.com Website: www.in.mpms.mufg.com Investor grievance ID: olaelectric.rights@in.mpms.mufg.com Contact person: Shanti Gopalakrishnan SEBI Registration No.: INR000004058 ISSUE PROGRAMME LAST DATE ISSUE LAST DATE ISSUE DATE OF DATE OF DATE OF DATE OF FOR CREDIT OPENING FOR ON CLOSING FINALIZATIO ALLOTMENT CREDIT OF LISTING OF RIGHTS DATE MARKET DATE** N [Showing first 8,000 characters — download PDF for full document]