Cyril Amarchand Mangaldas (CAM) counsels TI Clean Mobility Private Limited (TICMPL), manufacturer of electric three-wheelers, on fundraising USD155 million from Multiple Private Equity Fund III (Multiples), State Bank of India (SBI) and TII.
CAM’s general corporate practice partner Vandana Sekhri led the team advising TICMPL, with principal associate Ayush Nanda, and associates Kunal Gopal and Lokit Khurana.
“The electric vehicle space is still at a relatively nascent stage in terms of growth in India, and this transaction provided us a great opportunity to delve deeper into the intricacies of this promising sector,” said Sekhri.
“Given that this fundraise forms part of the group’s overall plan to raise INR3,000 crores [INR30 billion] by the end of March 2024, the deal involved a lot of complex commercial considerations and negotiations with the investors.”
On facilitating communication between the CAM teams, Sekhri said, “The unique points entailed evaluating the commercial considerations and documenting these nuanced commercial positions appropriately … by being nimble footed in our thought process, exploring unorthodox approaches and keeping in mind the tight timelines.”
TICMPL has entered into a share subscription agreement and a shareholders’ agreement in its proposed fundraising 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 USD732 million.
Other parties and advisers to the transaction included tax advisers Dhruva.
The completion of this transaction is subject to the fulfillment of certain conditions precedent, as set out under the transaction documents.