Commercial EV maker TI Clean Mobility raises Rs.580-Cr from GEF Capital Partners

GEF Capital Partners (via South Asia Growth Invest III LLC and South Asia EBT Trust III) is to invest INR 580 crore by way of equity and CCPS (Compulsorily Convertible Preference Shares) in Chennai-based Murugappa Group’s electric vehicle arm TI Clean Mobility Pvt Ltd (TICMPL). GEF will purchase 5,80,00,000 Series A2 CCPS (face value of INR 100 per CCPS) and 100 equity shares (at INR 20 per equity share; face value of INR 10 each). Kotak Investment Banking acted as TICMPL’s exclusive financial advisor for this transaction.Upon closing of the current investment round, the overall fundraise would aggregate to INR 2,530 crore. TICMPL, a subsidiary of publicly listed Tube Investments of India Ltd, focuses on e-three-wheelers, e-tractors, electric medium, and commercial vehicles.