Cyril Amarchand Mangaldas advises TI Clean Mobility on INR 1025 crores fundraising from Multiples and SBI and Tube Investments

Cyril Amarchand Mangaldas advised TI Clean Mobility Private Limited (TICMPL), a wholly owned subsidiary of Tube Investments of India Limited (TII) on INR 1025 crore fundraising from Multiples Private Equity Fund III (Multiples) and State Bank of India (SBI) and TII.

The General Corporate Practice of Cyril Amarchand Mangaldas advised TICMPL on the transaction. The transaction team was led by Vandana Sekhri, Partner; with support from Ayush Nanda, Principal Associate; Kunal Gopal, Associate; Lokit Khurana, Associate.

As a part of the Transaction, TICMPL has entered into a share subscription agreement and a shareholders’ agreement with respect to its proposed fundraise of approximately INR 1,025 crores from Multiples, SBI and TII. Multiples and/or its affiliates along with other investors have a right to subscribe to the securities of TICMPL for an additional sum of INR 600 crores. Upon the additional investment, TII will invest an additional sum of INR 75 crores.

 Other Parties and Advisors to the transaction included Dhruva (acted as tax advisors to TICMPL).

 The Transaction was signed on 24th February 2023 and the completion of this transaction is subject to completion of certain conditions precedent, as identified under the transaction documents.