TI Clean Mobility, a subsidiary of Tube Investments of India Ltd, has signed definitive agreements to raise further capital of Rs 675 crore through compulsory convertible preference shares, the company said on Saturday.
TI Clean Mobility Pvt Ltd is engaged in manufacturing and marketing of electric three wheelers and through its subsidiaries into electric tractors and electric heavy commercial vehicles. In February 2023, TI Clean Mobility announced capital infusion of Rs 1,950 crore and signed definitive agreements with Multiples, State Bank of India and Tube Investments of India to raise capital upto Rs 1,275 crore of which Rs 817 crore has already been infused.
