Thermax Limited has informed the Exchange about Other Restructuring
THERMAX · price
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Thermax's wholly owned subsidiary First Energy Private Limited (FEPL) has transferred 2,11,00,000 equity shares (27.20%) of First Energy 8 Private Limited (FE8PL) to MRF Limited at face value of Rs. 10 per share. FEPL continues to hold 5,64,70,588 shares (72.80%) in FE8PL. This is a modification of the original January 2024 plan, where instead of MRF directly subscribing to new shares, MRF has acquired existing shares from FEPL. As a result, FE8PL has ceased to be a wholly owned subsidiary of FEPL. The arrangement relates to a captive power setup under the Electricity Act, 2003, with MRF as the end user of electricity.
Minimal financial impact for Thermax shareholders as shares were transferred at face value and FEPL retains a controlling 72.80% stake. The change is procedural, formalising MRF's entry into FE8PL, and the subsidiary remains consolidated in Thermax's books.