Thermax Limited has informed the Exchange about Acquisition
THERMAX · price
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Thermax Limited has acquired an additional 11.97% stake in its subsidiary Thermax Bioenergy Solutions Private Limited (TBSPL) by subscribing to 1,30,00,000 equity shares at face value (Rs. 10 each) on a rights basis, paying Rs. 13 crore in cash. This raises Thermax's holding in TBSPL from 65% to 76.97%. TBSPL operates in the Bio-CNG and TEPC (Technology, Engineering, Procurement & Construction) space and reported strong turnover growth from Rs. 48.04 crore in FY23 to Rs. 264.59 crore in FY24. The investment is at arm's length and is aimed at strengthening the subsidiary's liquidity and supporting its growing business operations.
This is a capital infusion into an existing subsidiary, not a new acquisition, so the immediate impact on the stock is limited. However, it signals Thermax's confidence in the fast-growing Bio-CNG business, which saw turnover jump over 5x year-on-year.