Sunday, June 23, 2024

TI Clean Mobility raises ₹400 cr. from Multiples, SBI to fuel EV business

Tube Investments’ subsidiary TI Clean Mobility Pvt. Ltd. (TICMPL) has raised ₹400 crore from Multiples Pvt. Equity Fund III (Multiples) and State Bank of India (SBI) to expand its footprint in the electric mobility business through organic and inorganic routes.

Multiples has invested ₹266.67 crore and SBI ₹133.33 crore, the Murugappa group firm said in a regulatory filing.

TICMPL has allotted 100 equity shares and 2,66,66,667 convertible preference shares to Multiples and 1,33,33,333 shares to SBI respectively.

During February, TICMPL entered into securities subscription agreement with Multiples and shareholders agreement with SBI. The proposed fund raising by TICMPL will help scale its operations through acquisitions and capital expenditure of TICMPL and its subsidiaries, it said.

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