NEW DELHI -- ANI Technologies, which runs the popular Ola ride-hailing service in India, seeks to raise as much as 6.7 billion rupees ($104 million) through convertible bonds in a push to counter encroaching rivals such as Uber Technologies.
The ANI board approved plans to issue the bonds to existing shareholders. The company has not disclosed how the funds will be used, but local news media have reported that the money will be spent on expanding the mainstay Ola taxi dispatch service and other operations. ANI's competitors include U.S.-based Uber, which offers ride-sharing services in roughly 30 Indian cities.
