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Tube Investments of India Ltd (TII) has announced a fresh investment of ₹75 crore in its subsidiary 3xper Innoventure Ltd, as part of a broader capital infusion to support the unit’s expansion.
The Chennai-based firm has entered into an agreement with 3xper and its CEO, N Govindarajan, who will invest an additional ₹25 crore. Together, the ₹100 crore funding will be made through the subscription of Compulsorily Convertible Preference Shares (CCPS), issued at a face value of ₹100 each, according to a stock exchange filing.
3xper operates in the contract development and manufacturing (CDMO) segment within the pharmaceutical industry. TII said the investment is aimed at scaling up 3xper’s operations, including those of its subsidiary, and positioning the business for future growth.
News by Rahul Yelligetti.
