Thermax’s subsidiary, First Energy Private Limited (FEPL), will no longer acquire 100% shareholding of Onix-Two Enersol Private Limited (OTEPL). Due to unfulfilled closing conditions, FEPL has entered a Share Sale and Purchase Agreement to sell back shares to the original seller and nominee. The consideration received from this sale is ₹100,000. The agreement was signed on January 3, 2026.
Acquisition Termination
First Energy Private Limited (FEPL), a wholly-owned subsidiary of Thermax, has terminated its Share Purchase Agreement (SPA) to acquire 100% of Onix-Two Enersol Private Limited (OTEPL). The initial intention to acquire OTEPL was announced on September 6, 2024.
Details of Share Sale and Purchase Agreement
Due to non-fulfillment of closing conditions within the agreed timelines, FEPL entered into a Share Sale and Purchase Agreement with the original seller and nominee (buyers) to sell back the shares. The consideration received from such sale/disposal is ₹100,000.
Transaction Details
The Share Sale and Purchase Agreement was signed on January 3, 2026. The transaction involves FEPL, OTEPL, the original seller, and its nominee. The total revenue of OTEPL as of March 31, 2025, is ₹122,000. The transaction does not fall within related-party transactions.
Source: BSE
