Tube Investments of India (TII) will invest ₹250 crore in its electric mobility subsidiary, TI Clean Mobility Pvt Ltd (TICMPL), through Series C Compulsorily Convertible Preference Shares (CCPS), as the Murugappa Group company looks to scale up the operations of the clean-mobility business.
TII and TICMPL have entered into a subscription agreement for the issue of 2.5 crore Series C CCPS, with a face value of ₹100 each. The company has also entered into an amended and restated shareholders’ agreement with investors in TICMPL, a filing by TII to the stock exchanges, said.
The proposed fund-raising will help TICMPL and its subsidiaries scale up their operations, according to the disclosure filed by TII with the stock exchanges.
TII already holds 25 crore equity shares in TICMPL, along with five crore Series B CCPS. With the latest transaction, it has been allotted another 2.5 crore Series C CCPS.
The investment has been made at a face value of ₹100 per CCPS. The closing of the transaction was subject to satisfactory completion of the conditions precedent specified in the agreements.
Published on September 30, 2026
