Tata Motors announced on Tuesday that it has received the second and final tranche of Rs3,750 crore from TPG Rise Climate under a 2021 agreement.
Tata Motors announced in October 2021 that it will raise USD 1 billion from TPG Rise Climate for its passenger Electric Vehicle (EV) business in exchange for compulsorily convertible preference shares in order to create a portfolio of EVs and dedicated Battery Electric Vehicle (BEV) platforms.
Tata Motors and TPG Rise Climate have entered into a binding agreement under which TPG and its co-investor ADQ will invest in a Tata Motors subsidiary.
With the subscription of the Tranche II Investor Securities by TPG, the company subsidiary has received the entire investment aggregating to Rs7,500 crore as contemplated by the agreement.
At around 11.30 AM, Tata Motors was trading at Rs454.40, 0.51% higher against the previous close of Rs452.10 on NSE. The counter opened at Rs456.80 and touched an intraday high and low of Rs456.80 and Rs451.25 respectively.
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