Thermax Limited has announced that the final hearing for its scheme of merger by absorption with Buildtech Products India Private Limited is scheduled before the National Company Law Tribunal (NCLT) Mumbai on May 8, 2026. The company informed both BSE and NSE about this development through a regulatory filing on April 14, 2026.

NCLT Hearing Details

The merger petition was initially presented before the NCLT Mumbai Bench on March 24, 2026, and was subsequently heard and admitted on March 27, 2026. The final hearing has now been scheduled for Friday, May 8, 2026, for the scheme's sanction and disposal.

Regulatory Compliance and Public Notice

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Thermax published newspaper advertisements on April 14, 2026, in Financial Express (English) and Loksatta (Marathi) newspapers. These advertisements inform stakeholders about the upcoming NCLT hearing and comply with Rule 35 of National Company Law Tribunal Rules, 2016.

The merger scheme is being executed under Sections 230 to 232 of the Companies Act, 2013, read with the Companies (Compromises, Arrangements and Amalgamation) Rules, 2016. The scheme involves the complete absorption of Buildtech Products India Private Limited into Thermax Limited along with their respective shareholders.

Stakeholder Participation Process

The public notice specifies that any person wishing to support or oppose the petition must send written notice to the petitioners or their professional representatives. Such notices must include the person's name, address, and be signed by them or their advocate. For those opposing the petition, grounds of opposition or a copy of their affidavit must be furnished with the notice.

Company Information and Authorization

The regulatory filing was signed by Sangeet Hunjan, Company Secretary & Compliance Officer of Thermax Limited (Membership No: A23218). The document was digitally signed on April 14, 2026, at 14:46:27 +05'30'. A R C H and Associates, Chartered Accountants, located at 1804, Anmol Pride, S.V. Road, Goregaon (West), Mumbai - 400 104, serve as the professional representatives for both petitioner companies in this merger process.

Thermax Limited has successfully completed its strategic acquisition of Exactspace Technologies Private Limited, with the transaction finalizing on April 9, 2026. The engineering solutions company has acquired a 51% stake on a fully diluted basis, making Exactspace a subsidiary of Thermax Limited.

Transaction Details

The acquisition was completed through definitive agreements that were initially announced on February 27, 2026. The transaction structure involved both Share Subscription and Share Purchase Agreements, along with a Shareholders' Agreement with Exactspace and its promoters and existing investors.

Strategic Expansion

The completion of this acquisition marks a significant milestone for Thermax Limited's growth strategy. The company's shareholding increased from the initially planned 35.83% to 51% on a fully diluted basis, providing Thermax with controlling interest in Exactspace Technologies.

Regulatory Compliance

Thermax Limited has fulfilled its disclosure obligations under Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company notified both BSE Limited and National Stock Exchange of India Limited about the successful completion of the acquisition.

Corporate Structure Impact

With the completion of this transaction, Exactspace Technologies Private Limited has officially become a subsidiary of Thermax Limited. This change in corporate structure reflects Thermax's commitment to expanding its technological capabilities and market presence through strategic acquisitions.