Rs. 250 Cr. Incremental Investment in Subsidiary TI Clean Mobility via Series C CCPS
TII subscribed to 2.5 Cr.
- Series C CCPS Subscription
- 2.5 Cr. Series C Compulsorily Convertible Preference Shares
- Investment Amount
- Rs. 250 Cr.
- Face Value per Share
- Rs. 100 each
- Investee Entity
- TI Clean Mobility Private Limited (TICMPL)
- Purpose
- Scale up electric mobility business operations
What was shared
Tube Investments of India (TII) informed the exchanges that it and its subsidiary TI Clean Mobility Private Limited (TICMPL) entered into a Subscription Agreement for Compulsorily Convertible Preference Shares (CCPS) aggregating about Rs. 250 Cr., along with an Amended and Restated Shareholders' Agreement with TICMPL's investors.
The investment
- TII was allotted 2.5 Cr. Series C CCPS.
- Issued at face value of Rs.100/- per CCPS, totalling Rs. 250 Cr.
- Purpose: TICMPL is in the electric mobility business; the fund raising is intended to help scale up operations of TICMPL and its subsidiaries.
TII's holding in TICMPL after this
- 25 Cr. equity shares of face value Rs. 10/- each
- 5 Cr. Series B CCPS of face value Rs. 100/- each
- 2.5 Cr. Series C CCPS of value Rs. 100/- each
Shareholders' agreement terms
Significant terms between TII, TICMPL and the investors include Board Composition, Investors Affirmative Vote Matters, Information Rights, Pre-Emption Right, Right of First Offer, Tag Along Right, Conversion Terms, Non-Compete & Non-Solicitation and Fall Away.
Points to note
- Closing of the transaction was subject to satisfactory completion of the Conditions Precedent contained in the executed agreements.
- The investment is in an existing subsidiary, so money stays within the group and is directed at the electric mobility business.
- CCPS are preference shares that must eventually convert into equity, on the conversion terms agreed between the parties.
Also from Tube Investments of India
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More numbers
- Aggregate CCPS subscription amountRs. 250 Cr.
- Series C CCPS allotted to TII2.5 Cr. Series C Compulsorily Convertible Preference Shares
- Issue price per Series C CCPS (face value)Rs.100/- per CCPS
- TII equity shares held in TICMPL25 Cr. equity shares
- Equity share face valueRs. 10/- each
- Series B CCPS held by TII5 Cr. Series B CCPS
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