Tube Investments gains 4% as arm acquires majority stake in an EV startup

Shares of Tube Investments of India rallied 4 per cent to Rs 2,088.40 on the BSE in Tuesday’s intra-day trade after acquisition of lPL Tech Electric Private Limited (IPLT) in an all cash consideration up to Rs 246 crore towards purchase and subscription of fresh equity shares. lPLT is a startup engaged in manufacturing and sale of electric heavy commercial vehicles.

Tl Clean Mobility private Limited (TICMPL), a wholly owned subsidiary of the Tube Investments of India (Tll) has entered into definitive agreement for acquisition of 65.2 per cent in the equity share capital of IPLT, through a combination of purchase of equity shares from the founders and other exiting shareholders of IPLT and by way of subscription to fresh equity shares,