Thermax Limited — Updates, 08-07-2025: Other Restructuring

Thermax has announced a board meeting to approve the financial results for the quarter and half-year. The company’s wholly owned step-down subsidiary, First Energy 11 Private Limited (FE11PL), will no longer be fully owned after entering a Share Subscription and Shareholders Agreement with Garden Silk Mills Private Limited and First Energy Private Limited. Garden Silk Mills, an end user of electricity, will subscribe to 4.94 crore equity shares of FE11PL, while First Energy Private Limited will subscribe to 8.40 crore shares. This restructuring changes FE11PL’s ownership but does not provide any direct benefit to promoters.