Tube Investments of India Limited (TII) announced a significant capital infusion into its electric mobility subsidiary, TI Clean Mobility Private Limited (TICMPL). TII and TICMPL executed a Subscription Agreement for the subscription of Compulsorily Convertible Preference Shares (CCPS) aggregating approximately Rs. 250 Crore. This funding is earmarked to scale up the operations of TICMPL and its subsidiaries in the growing electric mobility sector.
Incremental Investment in Electric Mobility Arm
Tube Investments of India Limited (“TII”) has formally disclosed an incremental investment in its subsidiary, TI Clean Mobility Private Limited (“TICMPL”). The transaction involves the subscription of Compulsorily Convertible Preference Shares (“CCPS”) totaling approximately Rs. 250 Crore in TICMPL, as formalized by a Subscription Agreement executed on March 30, 2026.
Strategic Purpose and Shareholding Details
The primary purpose of this capital raise is to provide the necessary funding to scale up the operations of TICMPL, which is actively engaged in the electric mobility business. Currently, TII holds a significant stake in TICMPL, comprising 25 Cr. Equity shares (face value Rs. 10/- each) and 5 Cr. Series B CCPS (face value Rs. 100/- each).
Terms of New Issuance
The proposed investment by TII into CCPS of TICMPL will be executed at a face value of Rs. 100 per CCPS. Specifically, 2.5 Crore CCPS are being issued at this face value to account for the total commitment of Rs. 250 Crore.
Shareholders’ Agreement Updates
In connection with this investment, TII and TICMPL have also entered into an Amended and Restated Shareholders’ Agreement with the existing investors of TICMPL. Key terms within this agreement include provisions covering Board Composition, Investors Affirmative Vote Matters, Information Rights, Pre-Emption Rights, Right of First Offer, Tag Along Right, Conversion Terms, and non-compete clauses.
Transaction Conditions
It is noted that the closing of this transaction and the subsequent investment remain subject to the satisfactory completion of Conditions Precedent detailed within the agreements executed between the involved parties.
Source: BSE
