Shares of Thermax Limited rose 2% to touch the day’s high of Rs 3,490 on 10th September after the company announced an infusion of Rs 115 crore into its wholly-owned subsidiary, First Energy Private Limited (FEPL), to support further investments in its step-down subsidiary, First Energy 10 Private Limited (FE10). The allotment of equity shares in both FEPL and FE10 was completed on the same day.

FEPL, Thermax’s renewable energy arm, helps customers shift to green energy with solutions like solar and wind. They also offer wind-solar hybrid and storage batteries for commercial and industrial use. As of 31st March, 2025, FEPL reported a turnover of Rs 4,911.27 lakh. Meanwhile, FE10, incorporated on 23rd March, 2024, has not reported any turnover yet.

After the equity infusion, FEPL’s paid-up share capital stands at Rs 646.31 crore. FE10’s stands at Rs 135 crore. Thermax clarified that although both are related parties, neither the promoter nor the promoter group has any interest in them. The deal was conducted on an arm’s length basis.

The investment will support new renewable energy projects under FE10. The transaction, done fully in cash, involved Thermax acquiring 11.5 crore equity shares of Rs 10 each in FEPL. FEPL acquired the same in FE10. The shareholding and control remain unchanged.

At 11:55 AM, the shares of Thermax Limited were trading 1.79% higher at Rs 3,371.60 on NSE.

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