Thermax's TVPIPL ceases to be wholly-owned subsidiary

Thermax Limited (BSE: THERMAX) announced that Thermax Vebro Polymers India Private Limited (TVPIPL) has ceased to be a wholly-owned step-down subsidiary, effective March 3, 2025. This change follows a board resolution approving the allotment of equity shares in TVPIPL to Vebro Polymers Holdings Limited. The share allotment serves as consideration for the transfer of technology under a license agreement with Vebro. As a result of the transaction, Vebro Polymers Holdings Limited now holds 49.90% of TVPIPL's equity share capital. Thermax Chemical Solutions Private Limited retains the remaining 50.10%. The announcement complies with SEBI regulations and provides details on the restructuring.