February 8, 2022
To | |
The Secretary | National Stock Exchange of India Limited |
BSE Limited | Exchange Plaza, C-1, Block G, |
PJ Towers, Dalal Street | Bandra Kurla Complex, |
Mumbai: 400 001 | Bandra (E) |
Mumbai - 400 051 | |
Company Scrip Code: 500411 | Company Scrip Code: THERMAX EQ |
Sub: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Dear Sir,
We wish to inform you that Thermax Limited ("the Company") has agreed to make an investment in Exactspace Technologies Private Limited ("Exactspace") up to a sum not exceeding INR 9,99,84,208 (Indian Rupees Nine Crores Ninety-Nine Lakhs Eighty-Four Thousand Two-Hundred and Eight) by subscribing to 1,921 (One Thousand Nine Hundred and Twenty-One) Cumulative Convertible Preference Shares (CCPS) in one or more tranches. In this regard, the Company has on February 7, 2022 executed Share Subscription Agreement with Exactspace and its Promoters and Shareholders Agreement with Exactspace, its Promoters and Shell India Markets Private Limited (Existing Investor).
Exactspace is engaged in the business of developing artificial intelligence solutions for energy industry.
The investment will result in the Company holding up to 15.17% of the share capital of Exactspace. The Company proposes to provide end to end asset support to customers and increase its share of service offerings by collaborating with Exactspace as IoT solution partner. The solutions will cover predictive asset maintenance, process optimization for customers, asset efficiency improvement in uptime and longevity, and analytics-driven failure analysis.
The disclosure as required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is enclosed as an annexure.
Kindly take the above information on record.
Thanking you,
Yours faithfully,
For THERMAX LIMITED
Janhavi Khele
Company Secretary
Membership No: A20601
ANNEXURE - Disclosure under Reg. 30 of SEBI (LODR)
Disclosure | Brief Particulars | |||
(a) | Details of the target entity | Target Entity Name: Exactspace Technologies Private Limited | ||
Registered office: #432, 8th Cross, Domlur Layout Bangalore, Karnataka | ||||
- 560071, India | ||||
(b) | Whether the acquisition would fall | No | ||
within related | party transaction(s) | |||
and whether the promoter/ promoter | ||||
group/ group companies have any | ||||
interest in the entity being acquired? | ||||
(c) | Industry to which the entity being | IT Industry (developing solutions for Energy Sector) | ||
acquired belongs | ||||
(d) | Objective of acquiring shares | Exactspace, in order to run optimally, to better implement its business | ||
plans and to generally run and operate the affairs is desirous of obtaining | ||||
capital and, hence, has approached the Company. The Company proposes | ||||
to make investment in Exactspace to provide end to end asset support to | ||||
customers and increase its share of service offerings by collaborating | ||||
with Exactspace as IoT solution partner. The solutions offered by | ||||
Exactspace will cover predictive asset maintenance, process optimization | ||||
for customers, asset efficiency improvement in uptime and longevity, and | ||||
analytics-driven failure analysis. In furtherance of achieving the | ||||
aforesaid objective, the parties have entered into Share Subscription | ||||
Agreement and into Shareholder's Agreement dated February 7, 2022 to | ||||
record the terms and conditions of the investment and governing the inter- | ||||
se rights and obligations of the parties. | ||||
(e) | Governmental | or | regulatory | None |
approvals required | ||||
(f) | Time period for Completion | The transaction is expected to be completed by December 31, 2022, | ||
subject to the Exactspace achieving agreed milestones as per the | ||||
agreement. | ||||
(g) | Nature of consideration | (whether | Cash | |
cash consideration or share swap ) | ||||
(h) | Purchase consideration | INR 9,99,84,208 (India Rupees Nine Crores Ninety-Nine Lakhs Eighty- | ||
Four Thousand Two-Hundred and Eight) | ||||
(i) | Shares acquired | 1,921 CCPS representing 15.17% of total paid up capital of Exactspace, | ||
in one or more tranches. | ||||
(j) | Target Information | Background: Exactspace is engaged in the business of developing | ||
artificial intelligence solutions for energy industry. | ||||
Date of Incorporation: 14/12/2017 | ||||
For THERMAX LIMITED | ||||
Janhavi Khele | ||||
Company Secretary | ||||
Membership No: A20601 |
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Thermax Limited published this content on 08 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 February 2022 11:11:06 UTC.