Tube Investments of India and TI Tidy Mobility Pvt. Ltd. (TICMPL) has signed a securities subscription agreement with Luxembourg-based specialist investment fund FCP-RAIF (M&G) and existing TICMPL investors to raise approximately ₹310 crore in equity capital and compulsorily convertible preference shares (CCPS).
For this proposed investment, TICMPL’s total fund raising would be ₹2,840 crore against the target of ₹3,000 crore. The fund raise will facilitate scale up the operations of TICMPL and its subsidiaries, the Murugappa group company said in a statement.
TICMPL is focused on creating EV-native commercial vehicle platforms spanning three-wheelers, tractors, compact and weighty commercial vehicles. It is a leader in the electric three-wheeler segment in South India and is currently building its presence across India.
Under the proposal, M&G will get 50 equity shares of ₹20 each for ₹1,000 and 3.10 crore CCPS of face value ₹100 each for ₹310 crore.
TICMPL, directly or through its subsidiaries, sells electric trucks and is at an advanced stage of work on electric tractors and electric SCV vehicles, the introduction of which is expected in the coming quarters.
“We are ecstatic to announce M&G’s participation in giving impetus to our commitment to provide EV solutions for commercial mobility,” said TICMPL Vice President S. Vellayan.