Thermax Limited has informed the Exchange about Acquisition
THERMAX · price
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On the reaction day the stock moved 1.5 pts more than Nifty Midcap 150 and 2.3 pts more than its Heavy Electrical Equipment peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Thermax Limited is buying an additional 35.83% stake in Exactspace Technologies for Rs. 30.48 crores in cash, taking its total holding to 51% on a fully diluted basis. This converts Exactspace from an associate company (15.17% held earlier) into a subsidiary of Thermax. Exactspace is a Bangalore-based IT firm founded in 2017 that builds AI-based Industrial IoT solutions for manufacturing customers, with a turnover of around Rs. 6.2 crores in FY25. The deal also gives Thermax the right to acquire the remaining 49% stake after three years. The acquisition is aimed at strengthening Thermax's service portfolio in predictive asset maintenance, process optimization, and analytics for its industrial customers.
A small but strategically meaningful move for Thermax to expand into AI-driven digital services for its manufacturing clients. The Rs. 30.48 crore outlay is modest in size, so any material stock reaction is likely to depend on how investors view the long-term service and digital revenue potential rather than the immediate financial impact.