Murugappa Group firm TI Clean Mobility Pvt. Ltd. (TICMPL) has signed a pact with South Asia Growth Invest III LLC and South Asia EBT Trust III (GEF) to raise ₹580 crore in the form of equity and compulsorily convertible preference shares (CCPS) to scale up its EV operations.
Earlier, TICMPL said it planned to raise ₹3,000 crore to fund its multiple verticals of EVs. With the proposed investment from GEF, the overall fund raising would aggregate to ₹2,530 crore, the Tube Investments subsidiary said in a statement.
As per the plan, GEF will get 100 equity shares at ₹20 per share and 5.80 crore CCPS of ₹100 per CCPS for ₹580 crore. The conversion ratio of CCPS held by existing investors, GEF and Tll will be arrived at the time of conversion.
TICMPL is focused on creating EV native commercial vehicle platforms across three-wheelers, tractors, small and heavy commercial vehicles.
e-small commercial vehicles are expected to be launched in the coming quarters.
“GEF is renowned for their commitment to environmental stewardship and their investment in TICMPL validates our vision and strengthens our resolve to provide cleaner commercial mobility solutions,” said TII Executive Vice Chairman S. Vellayan.
