New Delhi: TI Clear Mobility Pvt. Ltd. (TICMPL), a subsidiary of Tube Investments of India, has raised INR 580 crore from South Asia Progress Make investments III LLC and South Asia EBT Belief III (collectively GEF), the corporate mentioned on Monday.
The corporate mentioned that it has signed definitive paperwork on Might 6, 2024 within the type of Fairness and Compulsorily Convertible Desire Shares (CCPS) for which Kotak Funding Banking acted as its unique monetary advisor.
“The proposed fund-raising by TICMPL will assist scale up its operations and of its subsidiaries,” the corporate mentioned. Tll holds INR 25 crore fairness shares of face worth of INR 101 every and INR 5 crore Collection B CCPS of face worth of INR 100 every in TICMPL.
TICMPL had earlier introduced its plan to boost capital to the tune of INR 3,000 crore to fund its a number of verticals of electrical autos. Upon closing of the proposed funding from GEF, the general fundraising can be INR 2,530 crore, the corporate mentioned in a regulatory submitting.
TICMPL is targeted on creating EV native business car platforms throughout 3 wheelers, tractors, small and heavy business autos. It’s already current within the passenger 3-wheeler electrical car throughout South India and is at present constructing a pan-India presence.
TICMPL, instantly and thru its subsidiaries, additionally sells electrical heavy business autos and is in superior phases of creating electrical tractors and electrical small business autos that are anticipated to be launched within the coming quarters.
 for which Kotak Investment Banking acted as its exclusive financial advisor.){kind=link}