Clean Max Enviro Energy Solutions has approved the disposal of minority stakes in two of its wholly owned subsidiaries, marking a strategic shift in its subsidiary holdings. The Board of Directors sanctioned the sale on August 17, 2026, with agreements expected to be executed by October 30, 2026.

The listed entity will sell 26% of the paid-up share capital of Clean Max Muoi Private Limited to Relaxo Footwears Limited. Simultaneously, it will transfer 49% of the paid-up share capital of Clean Max Chin Private Limited to VVDN Technologies Private Limited.

Transaction Details

Both subsidiaries were incorporated recently and have not contributed to the parent company’s turnover or net worth during the last financial year. The sales are structured as arm’s length transactions and do not constitute related-party deals.

Regulatory Compliance

The disclosures were made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that neither buyer belongs to the promoter group or group companies. The sale consideration will be received upon execution of the respective Share Purchase Agreements.

Clean Max Enviro Energy Solutions has received in-principle approval from BSE Limited to amend the terms of its outstanding non-convertible debentures (NCDs). The exchange granted the approval on August 14, 2026, allowing the company to reclassify its ₹400 crore debt issuance from unsecured to secured instruments.

The modification follows an application submitted by the company on August 7, 2026, under Regulation 59(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board of Directors had previously authorized the amendments to the Debenture Trust Deed dated October 27, 2025.

Key Changes in Debenture Terms

The primary alteration involves the security status of the debentures. Previously described as listed, rated, unsecured, redeemable, and non-convertible, the instruments will now be classified as secured. This change requires the creation of a first-ranking charge on specific assets, including inter-corporate borrowings and perpetual debt.

The revised terms also increase the required Security Cover Ratio from 0.7 to 1:1. Under the new structure, the Debenture Trustee will hold a first-ranking charge over the issuer’s receivables from inter-corporate borrowings and perpetual debt. The company must ensure that any release of security interest does not cause the ratio to fall below this threshold.

Regulatory Conditions

BSE Limited’s approval is valid for three months from the date of issue. The exchange will effectuate the modifications only after the company fulfills specific conditions:

• Submission of confirmation letters from National Securities Depository Ltd and/or Central Depositories Services (India) Ltd regarding the structural changes.
• Provision of a certified true copy of the in-principle approval from the National Stock Exchange, if applicable.
• Compliance with SEBI LODR Regulations, the Companies Act, 2013, and other applicable laws.

The exchange reserved the right to withdraw the approval if submitted information is found to be incomplete, incorrect, or misleading.

What the Numbers Show

The shift from an unsecured to a secured structure with a higher collateral requirement signals a strengthening of creditor protections. By raising the Security Cover Ratio from 0.7 to 1:1 and expanding the scope of pledged assets to include perpetual debt, the company is providing debenture holders with greater assurance against default risks.