Thermax Limited — JV/Acquisition, 30-07-2026: Amalgamation/Merger

Thermax Limited (TL) has approved the merger of its wholly-owned subsidiaries, Thermax Bioenergy Solutions (TBSPL) and Thermax Cooling Solutions (TCSL), into TL. This strategic move aims to simplify the group structure, reduce administrative costs, and achieve operational synergies, ultimately enhancing long-term shareholder value. Additionally, TBSPL's Bio-CNG EPC business, with a turnover of Rs. 239.35 Cr, will demerge into TL to consolidate similar operations. No new shares of TL will be issued, meaning no dilution for existing shareholders. The effective date for this restructuring is April 1, 2026, pending necessary NCLT and regulatory approvals.