Thermax to invest up to ~Rs10cr in Exactspace Technologies

9 Feb 2022 , 10:11 AM

Thermax Limited has agreed to make an investment in Exactspace Technologies Private Limited (“Exactspace”) up to a sum not exceeding Rs9,99,84,208 by subscribing to 1,921 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.

Further, 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, said  company in a filing.

At around 10:10 AM, Thermax was trading at Rs1,926.20 apiece down by Rs29.8 or 1.52% from its previous closing of Rs1,956 apiece on the BSE.