Tube Investments of India Ltd (TIL) on Monday said that it has entered into a subscription agreement with its subsidiary, TI Clean Mobility Private Limited (TICMPL), to invest about ₹250 crore through Compulsorily Convertible Preference Shares (CCPS).
TICMPL, which operates in the electric mobility segment, will use the proceeds to scale up its operations and those of its subsidiaries, the company said in a stock exchange filing.
TIL currently holds 25 crore equity shares of face value ₹10 each and 5 crore Series B CCPS of face value ₹100 each in TICMPL, the filing added.