Tube Investments of India Limited Invests ₹250 Crore in Subsidiary Tl Clean Mobility Private Limited
Tube Investments of India Limited (TII) and its subsidiary, Tl Clean Mobility Private Limited (TICMPL), have entered into a Subscription Agreement for the subscription of Compulsorily Convertible Preference Shares (CCPS) amounting to approximately ₹250 crore in TICMPL. Simultaneously, TII and TICMPL have executed an Amended and Restated Shareholders' Agreement with the investors of TICMPL.TICMPL operates within the electric mobility sector. The fund raising is intended to scale up the operations of TICMPL and its subsidiaries.
TII currently holds a stake in TICMPL, comprised of 25 crore equity shares with a face value of ₹10 each, and 5 crore Series B CCPS with a face value of ₹100 each.
Key terms of the Amended and Restated Shareholders' Agreement include provisions for Board Composition, Investor Affirmative Vote Matters, Information Rights, Pre-Emption Right, Right of First Offer, Tag Along Right, Conversion Terms, Non-Compete & Non-Solicitation, and Fall Away clauses.
The investment of ₹250 crore will be made at a face value of ₹100 per CCPS. The transaction is subject to conditions precedent as outlined in the executed agreements.
| Disclosure Requirement | Details |
|---|---|
| Number of CCPS issued | 2.5 Cr. |
| Face Value per CCPS | ₹100 |
| Total Investment | ₹250 Cr. |
TICMPL is a subsidiary of TII.
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