TI Clean Mobility Pvt Ltd, a Murugappa Group-owned Tube Investments subsidiary, has signed definitive agreements to raise additional capital of ₹675 crore through compulsorily convertible preference shares.
In a press release, the company said private equity firm Multiples along with other co-investors would be investing an aggregate amount of ₹600 crore, while Tube Investments would be investing ₹75 crore.
In February, TI Clean Mobility announced the capital infusion plan of ₹1,950 crore and signed definitive agreements with Multiples, State Bank of India and Tube Investments to raise capital up to ₹1,275 crore, of which ₹817 crore has already been infused in the form of equity and compulsorily convertible preference shares.
With the execution of definitive agreements for the balance ₹675 crore, the capital infusion plan for ₹1,950 crore has been fully tied up, TI Clean Mobility said.
The company also said it has already unveiled its passenger electric 3-wheeler and has started deliveries to dealerships across south India. TI Clean Mobility’s subsidiaries are designing and developing electric tractors and electric heavy commercial vehicles and are setting up manufacturing facilities in Tamil Nadu and Haryana.