TI Clean Mobility signs definitive agreements to raise further capital for EV biz – EQ Mag
With the execution of definitive agreements for the balance Rs 675 crore, the capital infusion plan for Rs 1,950 crore has been fully tied up.
TI Clean Mobility (TICMPL), a subsidiary of Tube Investments of India (TII), has signed definitive agreements to raise further capital of Rs 675 crore by way of Compulsory Convertible Preference Shares (CCPS). Multiples along with other co-investors will be investing an aggregate amount of Rs 600 crore, while TII will be investing Rs 75 crore.
It may be noted, in February 2023, TICMPL announced the capital infusion plan of Rs 1,950 crore and signed definitive agreements with Multiples, State Bank of India, and TII to raise capital up to Rs 1,275 crore, of which Rs 817 crore has already been infused in the form of equity and CCPS.
With the execution of definitive agreements for the balance Rs 675 crore, the capital infusion plan for Rs 1,950 crore has been fully tied up.
TICMPL has already unveiled its passenger electric 3-wheeler and has started deliveries to dealerships across south India. TICMPL’s subsidiaries are designing and developing electric tractors and electric heavy commercial vehicles and are in the process of setting up manufacturing facilities in Tamil Nadu and Haryana.
TI Clean Mobility Private Limited, a subsidiary of Tube Investments of India is focused on the manufacture and marketing of Electric Three Wheelers and through its subsidiaries into Electric Tractors and Electric Heavy Commercial Vehicles.
Source: PTI
