Tube Investments of India Ltd (TII), a part of the Chennai-based Murugappa group, has entered into an agreement with 3xper Innoventure Ltd (3xper), a subsidiary of the company, and with N Govindarajan (CEO of the subsidiary) for further investments of ₹75 crore by TII and ₹25 crore by N Govindarajan for subscription to Compulsorily Convertible Preference Shares (CCPS).
The proposed investment by TII and Govindarajan in 3xper will be made at a face value of ₹100 per CCPS, TII said in an announcement to the stock exchanges.
3xper is in the business of contract development and manufacturing operations in the pharmaceutical industry. The proposed fund raising by 3xper will help scale up the operations of 3xper and its subsidiary, TII said.
In March 2023, Tube Investments announced its foray into the contract development and manufacturing organisation (CDMO) and active pharmaceutical ingredients (API) business with plans to invest ₹285 crore in the subsidiary to be headed by Govindarajan.