Tube Investments of India Ltd. has announced that Multiples Private Equity Fund and the State Bank of India (SBl) have invested Rs 400 crore in its wholly-owned subsidiary Tl Clean Mobility Pvt. Ltd.
Individually, Multiples Private Equity Fund lll has invested funds to the tune of Rs 266.66 crore and SBI has put in Rs 133.33 crore in Tl Clean Mobility.
Tl Clean Mobility has allotted 100 equity shares and 2.66 crore Series A1 compulsorily convertible preference shares to Multiples and 1.33 lakh Series A1 compulsorily convertible preference shares to SBI.
In February, CNBC-TV18 reported that TI Clean Mobility is looking to raise Rs 3,000 crore to fund its electric vehicle expansion plans.
The company had signed definitive agreements with its parent Tube Investments, Multiples Private Equity Fund III, and SBI as well as with other co-investors to mobilise Rs 1,950 crore in the form of equity and compulsorily convertible preference shares.
The company also plans to garner an additional Rs 1,050 crore by the end of March 2024, taking the total fund mobilisation to Rs 3,000 crore.
TI Clean Mobility entered into the electric vehicle segment by unveiling the Montra electric three-wheeler in September 2022. Also, the company's subsidiaries are designing and developing electric tractors as well as electric heavy commercial vehicles.
Shares of Tube Investments of India Ltd. are trading 1.31 percent higher at Rs 2,571.90.
(Edited by : Rukmani Krishna)
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