Cyril Amarchand Mangaldas acted as legal counsel to TI Clean Mobility Private Limited, a subsidiary of Tube Investments of India Limited (Tube Investments), in relation to a proposed investment of INR 245 crore (approx.) by TI Clean Mobility Private Limited in IPLTech Electric Private Limited (IPLTech) through primary and secondary funding.
The General Corporate Practice of Cyril Amarchand Mangaldas advised and assisted TI Clean Mobility Private Limited in the preparation of deal structuring as well as key documentation keeping in mind the nascency of the sector and regulatory framework on the Transaction. The transaction team was led by Nagavalli G, Partner; with support from Ayushi Mishra, Senior Associate; and Jayant Belgaumkar, Associate.
Other Parties and Advisors to the transaction included AP & Partners (Acted as legal counsel for IPLTech).
As a part of the transaction, TI Clean Mobility Private Limited proposes to make an investment of INR 245.4 crore (approx.) through the primary and secondary rounds of funding. TI Clean Mobility Private Limited proposes to invest INR 150 crores in the primary round and INR 95.40 cr. in the secondary round. Out of INR 95.4 cr., in the secondary round, TI Clean Mobility Private Limited will pay INR 27.8 cr. to the founders of IPLTech and INR 67.6 cr. to the angel investors in IPLTech, to acquire a stake of 65.2% in IPLTech. After the secondary round of funding, the founders of IPL Tech will retain a stake of 23% in IPLTech. The remaining stake will be held by a few other small shareholders in IPL Tech. The transaction will also allow a few angel investors (both resident and non- residents) to exit IPLTech by selling their shares to TI Clean Mobility Private Limited.
The transaction was signed on July 18, 2022.
About Cyril Amarchand Mangaldas
Cyril 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.