Thermax Limited — Important, 03-04-2025: Sale or disposal

Thermax Limited has announced a board meeting focused on a Share Purchase Agreement with Infinite Uptime Inc., USA, leading to the sale of its stake in Covacsis Technologies Private Limited. Consequently, Covacsis will no longer be classified as an Associate Company. For FY 2023-24, Covacsis recorded a loss of Rs. 1.79 crore, with Thermax consolidating Rs. 0.30 crore. The expected completion date for the sale is April 04, 2025, with an approximate consideration of Rs. 10 crore. This move could enhance Thermax's financial position by eliminating a loss-making entity, positively influencing investor sentiment.