Tube Investments of India Limited has informed the Exchange regarding 'Incremental Investment in 3xper Innoventure Limited'.
TIINDIA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Tube Investments of India Limited (TII) has entered into a Supplementary Agreement to invest Rs.75 Crore in its subsidiary 3xper Innoventure Limited through subscription to Compulsorily Convertible Preference Shares (CCPS). Promoter Mr. N Govindarajan will invest an additional Rs.25 Crore, bringing the total fundraising to Rs.100 Crore via 1 Crore CCPS at Rs.100 face value each. 3xper operates in Contract Development and Manufacturing Operations in the pharmaceutical industry. The funds will help scale up operations of 3xper and its subsidiary. TII already holds 0.95 Crore equity shares and 284.05 Crore Series A CCPS in 3xper.
This additional capital injection strengthens TII's exposure to pharmaceutical CDMO operations without changing the control structure. The transaction involves a related party (subsidiary) but appears to be structured at face value, which is neutral to minorly positive for TII shareholders as it funds growth in an existing subsidiary.