TI Clean Mobility Private Limited announced that it expects to receive INR 23.2500018 billion in funding from Tube Investments of India Limited, Multiples Alternate Asset Management Private Limited, State Bank of India, and other investors
February 23, 2023
Share
TI Clean Mobility Private Limited announce that it has entered into Securities Subscription Agreement and Shareholders' Agreement with returning investor Tube Investments of India Limited; new investors Multiples Private Equity Fund III, a fund managed by Multiples Alternate Asset Management Private Limited, State Bank of India, and others for issuing equity shares, Series A1 Compulsorily Convertible Preference Shares, and Series B Compulsorily Convertible Preference Shares for gross proceeds of INR 10,250,001,800 on February 24, 2023. The transaction will be led by Multiples Private Equity Fund III, a fund managed by Multiples Alternate Asset Management Private Limited subscribing for 40,000,000 Series A1 Preference Shares for gross proceed of INR 4,000,000,000; and will involve participation from State Bank of India for 20,000,000 Series A1 Preference Shares for gross proceed of INR 2,000,000,000; Tube Investments of India Limited for 42,500,000 Series B Compulsorily Convertible Preference Shares for gross proceed of INR 4,250,000,000, and other investors for 100 shares for INR 1,800.
On the same date, the company received INR 6,390,000,000 in its first tranche. Tube Investments of India Limited subscribed for equity shares worth INR 2,500,000,000 and Series B Compulsorily Convertible Preference Shares worth INR 3,890,000,000 in the form of Inter-Corporate deposit. The company expects to raise INR 10,500,000,000 and close the transaction by March 2024, bringing the funding till date to INR 30,000,000,000.
Tube Investments of India Limited is an India-based engineering company. Its divisions include Mobility, Engineering, Metal-Formed Products, and Others. The Mobility segment comprises standard bi-cycles, special bi-cycles, such as alloy bikes and specialty performance bikes, fitness equipment and three-wheeler electric vehicles. The Engineering segment comprises cold rolled steel strips and precision steel tubes, such as cold drawn welded tubes and electric resistant welded tubes. The Metal Formed Products segment comprises of automotive chains, fine blanked products, stamped products, roll-formed car doorframes and cold rolled formed sections for railway wagons and passenger coaches. The Other product segment includes industrial chains and other new businesses.
TI Clean Mobility Private Limited announced that it expects to receive INR 23.2500018 billion in funding from Tube Investments of India Limited, Multiples Alternate Asset Management Private Limited, State Bank of India, and other investors