TI Clean Mobility, a subsidiary of Tube Investments of India Ltd., has signed definitive agreements to raise further capital of ₹675 crore via obligatory convertible choice shares, the corporate stated on Saturday.
TI Clean Mobility Pvt. Ltd. is engaged in manufacturing and advertising and marketing of electrical three wheelers and thru its subsidiaries into electrical tractors and electrical heavy industrial autos.
In February 2023, TI Clean Mobility introduced capital infusion of ₹1,950 crore and signed definitive agreements with Multiples, State Bank of India and Tube Investments of India to raise capital up to ₹1,275 crore of which ₹817 crore has already been infused.
On Saturday, an organization assertion stated, “TI Clean Mobility has signed definitive agreements on May 5 to raise further capital of ₹675 crore by way of CCPS. Multiples along with other co-investors would be investing an aggregate amount of ₹600 crore, while TII would be investing ₹75 crore.” With the execution of definitive agreements for the steadiness ₹675 crore, the capital infusion plan for ₹1,950 crore has been totally tied up, it stated.
TI Clean Mobility Pvt. Ltd. has unveiled passenger electrical three wheeler and has commenced deliveries to dealerships throughout Southern India.
The companys’ subsidiaries are into designing and growing electrical tractors and electrical heavy industrial autos. They are within the means of organising manufacturing services in Tamil Nadu and Haryana, the assertion added.
