Tube Investments to invest ₹250 crore in TI Clean Mobility
TII and TICMPL have entered into a subscription agreement for the issue of 2.5 crore Series C CCPS, with a face value of ₹100 each
Tube Investments of India, a Murugappa Group company, is planning to inject ₹250 crore into its electric mobility arm, TI Clean Mobility Pvt Ltd, through the issuance of Series C Compulsorily Convertible Preference Shares (CCPS). The investment aims to support the expansion of the clean-mobility business. TII and TICMPL have agreed to issue 2.5 crore Series C CCPS, each with a face value of ₹100.
The transaction, subject to the fulfillment of conditions specified in the agreements, will bolster TICMPL's operations and its subsidiaries. TII already owns 25 crore equity shares in TICMPL, along with five crore Series B CCPS. The new issuance brings TII's stake to 27.5 crore shares.
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