Date: 29th September 2026
Investment Details
Tube Investments of India Limited ("TII") and its subsidiary TI Clean Mobility Private Limited ("TICMPL") entered into a Subscription Agreement on 29th September 2026 for subscription towards Compulsorily Convertible Preference Shares aggregating approximately Rs. 250 Crore in TICMPL.
TII was allotted 2.5 Crore Series C Compulsorily Convertible Preference Shares at face value of Rs. 100 per share for a total consideration of Rs. 250 Crore.
The parties also entered into an Amended and Restated Shareholders' Agreement with the investors of TICMPL.
Purpose of Agreement
TICMPL is in the electric mobility business. The fund raising will help scale up the operations of TICMPL and its subsidiaries.
Shareholding Structure
TICMPL is a subsidiary of TII. Current shareholding includes:
- 25 Crore equity shares of face value Rs. 10/- each
- 5 Crore Series B CCPS of face value Rs. 100/- each
- 2.5 Crore Series C CCPS of face value Rs. 100/- each
Significant Terms
The Amended and Restated Shareholders' Agreement between TII, TICMPL and investors includes:
- Board Composition
- Investors Affirmative Vote Matters
- Information Rights
- Pre-Emption Right
- Right of First Offer
- Tag Along Right
- Conversion Terms
- Non-Compete & Non-Solicitation
- Fall Away provisions
Related Party Considerations
TICMPL is a subsidiary of TII. The proposed investment by TII in Series C CCPS of TICMPL was made at face value of Rs. 100 per CCPS.
Transaction Conditions
The closing of the transaction/investment was subject to satisfactory completion of the Conditions Precedents as contained in the agreements executed between the parties.