Murugappa Group agency TI Clean Mobility Pvt. Ltd. (TICMPL) has signed a pact with South Asia Growth Invest III LLC and South Asia EBT Trust III (GEF) to raise ₹580 crore within the type of fairness and compulsorily convertible desire shares (CCPS) to scale up its EV operations.
Earlier, TICMPL mentioned it deliberate to raise ₹3,000 crore to fund its a number of verticals of EVs. With the proposed funding from GEF, the general fund elevating would mixture to ₹2,530 crore, the Tube Investments subsidiary mentioned in a press release.
As per the plan, GEF will get 100 fairness shares at ₹20 per share and 5.80 crore CCPS of ₹100 per CCPS for ₹580 crore. The conversion ratio of CCPS held by current traders, GEF and Tll will likely be arrived on the time of conversion.
TICMPL is concentrated on creating EV native business car platforms throughout three-wheelers, tractors, small and heavy business autos.
e-small business autos are anticipated to be launched within the coming quarters.
“GEF is renowned for their commitment to environmental stewardship and their investment in TICMPL validates our vision and strengthens our resolve to provide cleaner commercial mobility solutions,” mentioned TII Executive Vice Chairman S. Vellayan.
