Tube Investments of India and TI Clean Mobility Pvt. Ltd. (TICMPL) have signed securities subscription agreement with Luxembourg Specialist lnvestment Fund FCP-RAIF (M&G) and existing investors of TICMPL to raise about ₹310 crore in equity and compulsorily convertible preference shares (CCPS).
With this proposed investment, the overall fund raise by TICMPL would aggregate to ₹2,840 crore against its ₹3,000 crore target. The fund raise will help scale TICMPL and its subsidiaries’ operations, the Murugappa group firm said in a statement.
TICMPL is focused on creating EV-native commercial vehicle platforms across 3-wheelers, tractors, small and heavy commercial vehicles. It is a leader in the passenger 3-wheeler electric vehicle across South India and is currently building a pan-India presence.
As per the proposal, M&G will be issued 50 equity shares at ₹20 each for ₹1,000 and 3.10 crore CCPS at face value of ₹100 each for ₹310 crore.
TICMPL, directly or through its subsidiaries, sells electric HCVs and are in advanced stages of developing electric tractors and electric SCVs which are expected to be launched in the coming quarters.
“We are happy to announce participation of M&G in providing an impetus to our commitment in delivering EV solutions for commercial mobility,” said TICMPL Vice Chairman S. Vellayan.
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