Business Update5 Jun 2024, 08:49 pm
Tube Investments of India Ltd Subsidiary TI Clean Mobility Raises Rs. 310 Crs from Luxembourg Specialist Investment Fund
AI Summary
Tube Investments of India Ltd (TII) and its subsidiary TI Clean Mobility Private Limited (TICMPL) have entered into a Securities Subscription Agreement with Luxembourg Specialist Investment Fund FCP-RAIF (M&G) for subscription towards Equity Shares and Compulsorily Convertible Preference Shares (CCPS), amounting to approximately Rs. 310 Crs. This agreement led to the restatement of the Shareholders’ Agreement between TICMPL, TII, existing investors, and M&G. TICMPL, which is in the electric mobility business, aims to scale up its operations and those of its subsidiaries with this proposed fundraising.
Key Highlights
- Tube Investments of India Ltd (TII) and TI Clean Mobility Private Limited (TICMPL) have entered into a Securities Subscription Agreement with Luxembourg Specialist Investment Fund FCP-RAIF (M&G) for equity shares and CCPS, amounting to approximately Rs. 310 Crs.
- The agreement led to the restatement of the Shareholders’ Agreement between TICMPL, TII, existing investors, and M&G.
- TICMPL is in the electric mobility business and aims to scale up its operations and those of its subsidiaries with this proposed fundraising.
- Significant terms of the Shareholders’ Agreement include 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.
- TICMPL is a subsidiary of TII, and Murugappa is related to the promoter group.