Tube Investments Subsidiary Acquires Complete Ownership of Electric Vehicle Manufacturer TIVOLT for ₹30 Crore

Tube investment announced a strategic acquisition that strengthens its position in the electric vehicle sector. The company's subsidiary, TI Clean Mobility Private Limited, has acquired the remaining stake in TIVOLT Electric Vehicles Private Limited for ₹30 crore, making it a wholly owned subsidiary effective 31st March 2026.

Acquisition Details

The transaction involved the purchase of 3 crore equity shares representing the entire remaining 5.45% stake held by other shareholders in TIVOLT. The acquisition was completed through an all-cash consideration of ₹30 crore on an arms' length basis.

Parameter: Details Shares Acquired: 3,00,00,000 equity shares Stake Percentage: 5.45% (remaining stake) Consideration: ₹30 Cr (all cash) Transaction Date: 31st March 2026 New Status: Wholly owned subsidiary

About TIVOLT Electric Vehicles

TIVOLT Electric Vehicles Private Limited, incorporated in 2023, operates in the electric vehicle industry with a focus on manufacturing and selling electric small commercial vehicles. The company has an issued and paid-up equity capital of ₹550 crore and maintains its business operations in India.

Financial Performance

TIVOLT has demonstrated remarkable revenue growth over the past few years, showing significant expansion in its business operations.

Year: Turnover FY 2025-26 (Unaudited YTD December 2025): ₹81.55 Cr FY 2024-25 (Audited): ₹5.21 Cr FY 2023-24 (Audited): ₹4.26 Cr

The company's revenue surge from ₹5.21 crore in FY 2024-25 to ₹81.55 crore in the year-to-date period ending December 2025 reflects substantial business expansion in the electric commercial vehicle segment.

Strategic Rationale

According to the regulatory filing, this acquisition enables TI Clean Mobility Private Limited to consolidate its holding and achieve better operational control over TIVOLT's electric small commercial vehicle business. The transaction aligns with the company's strategy in the electric mobility sector.

The acquisition required no governmental or regulatory approvals, facilitating a smooth completion of the transaction. TIVOLT's business operations complement the existing portfolio of Tube Investments, though the electric vehicle manufacturing represents an expansion beyond the parent company's traditional business lines.

Corporate Structure Impact

With this acquisition, TIVOLT becomes a wholly owned subsidiary of TI Clean Mobility Private Limited, which itself is a subsidiary of Tube Investments of India Limited. This structure provides the parent company with complete control over TIVOLT's operations and strategic direction in the electric commercial vehicle market.

Tube Investments of India Limited has completed the allotment of 7,941 equity shares under its Employee Stock Option Plan 2017, as announced in a regulatory filing dated March 31, 2026. The allotment represents the exercise of stock options by eligible employees under the company's established employee benefit scheme.

Share Allotment Details

The equity shares were allotted at two different exercise price levels, reflecting the varying grant dates and market conditions at the time of option grants:

Share Category Number of Shares Exercise Price (Rs.) Tranche 1 5,061 378.25 Tranche 2 2,880 1,471.90 Total 7,941 Variable

All shares carry a face value of Re.1/- each and rank pari passu with existing equity shares of the company.

Impact on Share Capital

The allotment has resulted in an increase in the company's equity base, with the following changes to the capital structure:

Parameter Before Allotment After Allotment Change Outstanding Equity Shares 19,35,44,928 19,35,52,869 +7,941 Paid-up Share Capital (Rs.) 19,35,44,928 19,35,52,869 +7,941

Employee Stock Option Plan Framework

The allotment was executed under the Employee Stock Option Plan 2017, which serves as a key component of the company's employee retention and incentive strategy. The exercise of options by eligible employees demonstrates confidence in the company's long-term prospects and aligns employee interests with shareholder value creation.

The company has duly informed both the National Stock Exchange of India Limited and BSE Limited about the allotment, ensuring compliance with regulatory disclosure requirements. The notification was signed by S. Krithika, Company Secretary, confirming the completion of all necessary formalities for the share allotment process.

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