Tube Investments Partners in Funding Round for 3xper Innoventure Limited

Tube Investments Partners in Funding Round for 3xper Innoventure Limited​

Tube Investments of India Limited (TII) has entered into a Supplementary Agreement with 3xper Innoventure Limited and Mr. N Govindarajan, formalizing a significant investment in the startup’s operations. The agreement details investments of Rs. 75 Cr by TII and Rs. 25 Cr by Mr. N Govindarajan toward the subscription of Compulsorily Convertible Preference Shares (CCPS).

The investment is designed to help scale up the operations of 3xper and its subsidiary, with 3xper operating in the business of Contract Development and Manufacturing Operations within the pharmaceutical industry.

Agreement Details and Investment Structure​

The Supplementary Agreement outlines the terms for the proposed fund raising by 3xper. The investment involves the issuance of CCPS at a face value of Rs. 100 per CCPS. Overall, a total of 1 Cr. CCPS, aggregating to Rs. 100 Cr., is slated to be issued to TII and Mr. N Govindarajan.

In relation to the parties involved:

• TII's Stake: TII is already a significant shareholder in 3xper, holding 0.95 Cr. equity shares of face value of Rs. 10 each and 284.05 Cr. Series A CCPS of face value of Rs 100 each.
• Relationship: 3xper is noted as a subsidiary of TII. The proposed investment by TII and Mr. N Govindarajan in the CCPS of 3xper will be made at face value, indicating the transaction will be at arm's length.

The terms of the Supplementary Agreement include other specific clauses, alongside the primary investment terms for the CCPS. The closing of the overall transaction is contingent upon the satisfactory completion of various Conditions Precedent detailed within the agreement executed between the parties.

TIINDIA Stock Price Movement​

Today, Tube Investments of India Limited shares edged higher, closing at ₹3086.8 after gaining 1.88%. The stock settled on a strong note, trading on a robust volume of 619,835 shares.