Tube Investments of India has signed shares subscription and purchase agreement with Cellestial E-Mobility (Cellestial) and other existing shareholders and also signed shareholders agreement with Cellestial, in connection with the making of a strategic investment, in an all cash transaction of Rs 161 crore to acquire a controlling stake of up to 70% in the share capital of Cellestial, through the purchase of equity shares from the founders & other existing shareholders of Cellestial and by way of subscription to fresh equity shares to be issued by Cellestial.
The proposed investment is in line with the Company’s intent to broad base its product and business portfolio with a view to reduce its dependence on revenue streams, which are cyclical in nature. The acquisition would be completed before March 15, 2022, subject to shareholders approval and satisfactory completion of the Conditions Precedents as contained in the agreements executed between the parties.
Tube Investments of India was formed by merging TI Cycles of India and Tube Products of India. The company is in to the business of manufacturing metal products.
