Tube Investments of India to fund EV arm with ₹250 crore CCPS investment

TII is a diversified engineering and manufacturing company with businesses in bicycles, metal products, and electric mobility.

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Tube Investments of India (TII), part of the Murugappa Group, on Monday said it has entered into a subscription agreement towards compulsorily convertible preference shares (CCPS), for about ₹250 crore in its electric mobility arm, TICMPL.In a regulatory filing, the company said that TII and, TICMPL, have executed the amended and restated shareholders’ agreement with the investors of the mobility firm. The proposed fundraise is aimed at scaling up operations of TICMPL and its subsidiaries.TII currently holds 25 crore equity shares of face value ₹10 each and 5 crore Series-B CCPS of face value ₹100 each in TICMPL, making it a subsidiary of the listed entity. As per the terms of the proposed transaction, TICMPL will issue 2.5 crore CCPS at a face value of ₹100 per CCPS, amounting to ₹250 crore.TII is a diversified engineering and manufacturing company with businesses in bicycles, metal products, and electric mobility.

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