Thermax Limited has officially finalized its acquisition of a majority stake in Exactspace Technologies Private Limited. Following the completion of the transaction on April 9, 2026, Thermax has increased its total shareholding to 51% on a fully diluted basis. Consequently, Exactspace now operates as a subsidiary of Thermax Limited, marking a strategic expansion of the company’s capabilities and presence within the technology sector.
Strategic Business Expansion
Thermax Limited has successfully completed the acquisition of Exactspace Technologies Private Limited. This move follows the initial announcement made on February 27, 2026, which detailed the company’s entry into definitive agreements to acquire a 35.83% stake. With the transaction finalized on April 9, 2026, the company’s ownership interest has risen to a controlling 51% stake.
Transition to Subsidiary Status
By securing this majority interest, Exactspace Technologies is now officially classified as a subsidiary of Thermax Limited. This transition reflects Thermax’s commitment to strengthening its technological footprint and integrating specialized industrial solutions into its existing portfolio. The acquisition was executed on a fully diluted basis, ensuring a clear and finalized shareholding structure for both entities as they move forward with integrated operations.
Source: BSE
