Chennai, May 6:TI Clean Mobility, a subsidiary of Tube Investments of India Ltd, has signed definitive agreements to raise further capital of Rs 675 crore through compulsory convertible preference shares, the company said on Saturday.
TI Clean Mobility Pvt Ltd is engaged in manufacturing and marketing of electric three wheelers and through its subsidiaries into electric tractors and electric heavy commercial vehicles. In February 2023, TI Clean Mobility announced capital infusion of Rs 1,950 crore and signed definitive agreements with Multiples, State Bank of India and Tube Investments of India to raise capital upto Rs 1,275 crore of which Rs 817 crore has already been infused. On Saturday, a company statement said, “TI Clean Mobility has signed definitive agreements on May 5 to raise further capital of Rs 675 crore by way of CCPS. Multiples along with other co-investors would be investing an aggregate amount of Rs 600 crore, while TII would be investing Rs 75 crore.” 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, it said. TI Clean Mobility Pvt Ltd has unveiled passenger electric three wheeler and has commenced deliveries to dealerships across Southern India. The companys’ subsidiaries are into designing and developing electric tractors and electric heavy commercial vehicles. They are in the process of setting up manufacturing facilities in Tamil Nadu and Haryana, the statement added. (PTI)
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