Private Equity

PE Fund Investments

TI Clean Mobility raises addl Rs.160-Cr from GEF

BSE Announcement   Times of India  

Chennai-based Tl Clean Mobility (TICM), a subsidiary of publicly listed Murugappa group company Tube Investments of India (TII), has entered into definitive agreements with existing investor GEF Capital Partners (via South Asia Growth lnvest lll and South Asia EBT Trust lll). The investor will subscribe to additional compulsorily convertible preference shares (CCPS) for INR 160 crore. With this, TICM has completed tying up the targeted fund raise of INR 3,000 crore from Tll and other PE-VC investors.At present, Tll holds 25 crore equity shares of face value of INR 10 each and 5 crore Series B CCPS of face value of INR 100 each in TICM. The conversion ratio of CCPS held by other investors will be based on the valuation of TICM at the time of conversion.