Tube Investments of India Limited (TII) has entered into a Subscription Agreement with its subsidiary, TI Clean Mobility Private Limited (TICMPL), for an investment of approximately ₹250 crore. This agreement involves the subscription to Compulsorily Convertible Preference Shares (CCPS) in TICMPL.
The agreement, signed on 30th March 2026, also includes an Amended and Restated Shareholders’ Agreement between TII, TICMPL, and the investors of TICMPL. The investment is aimed at scaling up the operations of TICMPL, which is engaged in the electric mobility business.
TICMPL is a subsidiary of TII, with TII holding 25 crore equity shares of face value ₹10 each and 5 crore Series B CCPS of face value ₹100 each in TICMPL. The significant terms of the Amended and Restated Shareholders’ Agreement include provisions related to board composition, investors’ affirmative vote matters, information rights, pre-emption rights, right of first offer, tag-along rights, conversion terms, non-compete and non-solicitation clauses, and fall away provisions.
The investment by TII in TICMPL’s CCPS will be made at a face value of ₹100 per CCPS. The transaction is considered a related party transaction, as TICMPL is a subsidiary of TII, but it will be executed at arm’s length.
The closing of the transaction is subject to the satisfactory completion of the conditions precedent as outlined in the agreements. There are no additional disclosures related to potential conflicts of interest or nominee details on the board of directors of the listed entity.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).