Thermax Ltd. recorded a significant block trade on the National Stock Exchange (NSE), with the transaction valued at Rs. 15.43 crores. The large-volume trade reflects substantial institutional or investor activity in the company's shares.

Block Trade Details

The transaction involved key parameters that highlight the scale of the trade:

Market Significance

Block trades typically represent transactions between institutional investors, mutual funds, or other large market participants. These trades are executed outside regular market hours or through special mechanisms to minimize market impact. The execution price of Rs. 3292.00 per share indicates the level at which large investors were willing to transact in Thermax shares.

Transaction Overview

The block trade mechanism allows for efficient execution of large-volume transactions without significantly affecting the stock's market price during regular trading hours. Such transactions often indicate strategic positioning by institutional investors or portfolio rebalancing activities by large funds.

Thermax Limited has announced a strategic acquisition to strengthen its digital capabilities and service offerings through the purchase of an additional stake in Exactspace Technologies Private Limited. The company signed definitive agreements on February 27, 2026, marking a significant step in expanding its technology portfolio.

Transaction Overview

The acquisition involves Thermax purchasing a 35.83% stake in Exactspace Technologies through Share Subscription and Share Purchase Agreements, along with a Shareholders' Agreement. The transaction is structured as a cash deal valued at ₹30.48 crores, subject to transaction adjustments.

Strategic Implications

This acquisition will transform Exactspace from an associate company to a subsidiary of Thermax, given the increased shareholding to 51%. The definitive agreements include a strategic provision allowing Thermax to acquire the remaining 49% stake after a period of 3 years, subject to terms and conditions specified in the agreements.

The proposed acquisition aims to enable Thermax to deliver end-to-end asset support and strengthen its service offerings. Exactspace's solutions will enhance Thermax's capabilities in several key areas:

• Artificial intelligence-based predictive asset maintenance
• Process optimization for customers
• Asset efficiency improvement in uptime and longevity
• Analytics-driven failure analysis

About Exactspace Technologies

Exactspace Technologies Private Limited, incorporated on December 14, 2017, operates in the IT industry with a focus on developing Artificial Intelligence-based Industrial Internet of Things solutions specifically for manufacturing customers of Thermax. The company is headquartered at #432, 8th Cross, Domlur Layout, Bangalore, Karnataka – 560071, India.

Regulatory Compliance

The transaction has been classified as a Related Party Transaction, though the promoter/promoter group does not have any interest in the entity being acquired. The acquisition does not require any governmental or regulatory approvals. The 51% stake will be acquired subject to completion of conditions precedent, with the balance 49% to be acquired after 3 years in accordance with the definitive agreements.

This strategic move positions Thermax to leverage advanced AI and IoT technologies to enhance its industrial solutions and expand its digital transformation capabilities in the manufacturing sector.