Tube Investments of India Ltd Subsidiary Completes Fund Raise of Rs. 3000 Crs for Electric Mobility Business

Tube Investments of India Ltd (TII) and its subsidiary, TI Clean Mobility Private Limited (TICMPL), have entered into a definitive agreement with South Asia Growth Invest III LLC and South Asia EBT Trust III for an additional subscription of Rs. 160 Crs towards Compulsorily Convertible Preference Shares (CCPS) in TICMPL. This investment completes TICMPL's targeted fund raise of Rs. 3000 Crs. TICMPL, which is in the electric mobility business, has entered into a Restated Shareholders’ Agreement with GEF and other investors. The fund raising will help scale up the operations of TICMPL and its subsidiaries. TII holds 25 Crs. Equity shares and 5 Crs. Series B CCPS in TICMPL. The Shareholders’ Agreement includes terms such as Board Composition, Investors Affirmative Vote Matters, Information Rights, Pre-Emption Right, Right of First Offer, Tag Along Right, Conversion Terms, Non-Compete & Non-Solicitation and Fall Away.