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.
About Cyril Amarchand MangaldasCyril Amarchand Mangaldas (cam) is India’s leading law firm with a global reputation of being trusted advisers to its clients. The Firm advises a large and diverse set of clients, including domestic and foreign commercial enterprises, financial institutions, private equity and venture capital funds, start-ups, government and regulatory bodies. The Firm generalists, specialists and senior ex-regulators expertly guide clients across a spectrum of transactions, sectors and regulations. With 1000 lawyers and 160 Partners, the Firm is the largest full-service law firm in India and offices in key business centres at Mumbai, Delhi-NCR, Bengaluru, Ahmedabad, Hyderabad, Chennai, GIFT City and also in Singapore.
The Firm recently received “Innovation in Advancing Markets” award at the FT Innovative Lawyers Asia Pacific 2022 Awards and the “National Law Firm of the Year: India” award at the IFLR Asia Pacific 2022 awards ceremony. The Firm had won “India Deal Firm of the Year” at the ALB India Awards and “Firm of the Year” at the IFLR1000 India Awards in 2021.
