Thermax to invest in Exactspace

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.

Shares of Thermax Limited was last trading in BSE at Rs. 1956.00 as compared to the previous close of Rs. 2037.60. The total number of shares traded during the day was 5576 in over 1381 trades.

The stock hit an intraday high of Rs. 2056.70 and intraday low of 1943.00. The net turnover during the day was Rs. 11068602.00.

Source : Equity Bulls

Keywords

Thermax INE152A01029 Investment ExactspaceTechnologies AISolutions EnergyIndustry