Thermax Limited has informed the Exchange about Other Restructuring
THERMAX · price
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Thermax's step-down subsidiary First Energy 8 Private Limited (FE8PL) has signed a Share Subscription and Shareholders Agreement (SSHA) with India Cements Limited, which is joining as a 'Captive User' (electricity end user). India Cements will subscribe to 1,32,96,350 equity shares of FE8PL at Rs. 10 face value plus a Rs. 4.12 per share premium, taking a 14.63% stake. Post-deal shareholding: Thermax's subsidiary First Energy Pvt Ltd holds 62.15%, MRF Limited holds 23.22%, and India Cements holds 14.63%. This is a continuation of restructuring disclosed in June 2025, when FE8PL had first ceased to be a wholly-owned step-down subsidiary. Thermax remains the majority shareholder but has lost exclusive control of FE8PL.
Minor dilution for Thermax — it still controls FE8PL with 62.15% but has lost the 100% wholly-owned status. Bringing in India Cements as a captive power user is strategically positive for FE8PL's power business, but the direct impact on Thermax's consolidated earnings is limited given the small size of this transaction.