Thermax : Acquisition

February 8, 2022

To
The Secretary	National Stock Exchange of India Limited
BSE Limited	Exchange Plaza, C-1, Block G,
PJ Towers, Dalal Street	Bandra Kurla Complex,
Mumbai: 400 001	Bandra (E)
	Mumbai - 400 051
Company Scrip Code: 500411	Company Scrip Code: THERMAX EQ

Sub: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Dear Sir,

We wish to inform you that Thermax Limited ("the Company") has agreed to make an investment in Exactspace Technologies Private Limited ("Exactspace") up to a sum not exceeding INR 9,99,84,208 (Indian Rupees Nine Crores Ninety-Nine Lakhs Eighty-Four Thousand Two-Hundred and Eight) by subscribing to 1,921 (One Thousand Nine Hundred and Twenty-One) 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.

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.

The disclosure as required under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is enclosed as an annexure.

Kindly take the above information on record.

Thanking you,

Yours faithfully,

For THERMAX LIMITED

Janhavi Khele

Company Secretary

Membership No: A20601

ANNEXURE - Disclosure under Reg. 30 of SEBI (LODR)

	Disclosure		Brief Particulars
(a)	Details of the target entity	Target Entity Name: Exactspace Technologies Private Limited
				Registered office: #432, 8th Cross, Domlur Layout Bangalore, Karnataka
				- 560071, India
(b)	Whether the acquisition would fall	No
	within related	party transaction(s)
	and whether the promoter/ promoter
	group/ group companies have any
	interest in the entity being acquired?
(c)	Industry to which the entity being	IT Industry (developing solutions for Energy Sector)
	acquired belongs
(d)	Objective of acquiring shares	Exactspace, in order to run optimally, to better implement its business
				plans and to generally run and operate the affairs is desirous of obtaining
				capital and, hence, has approached the Company. The Company proposes
				to make investment in Exactspace 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 offered by
				Exactspace will cover predictive asset maintenance, process optimization
				for customers, asset efficiency improvement in uptime and longevity, and
				analytics-driven failure analysis. In furtherance of achieving the
				aforesaid objective, the parties have entered into Share Subscription
				Agreement and into Shareholder's Agreement dated February 7, 2022 to
				record the terms and conditions of the investment and governing the inter-
				se rights and obligations of the parties.
(e)	Governmental	or	regulatory	None
	approvals required
(f)	Time period for Completion	The transaction is expected to be completed by December 31, 2022,
				subject to the Exactspace achieving agreed milestones as per the
				agreement.
(g)	Nature of consideration	(whether	Cash
	cash consideration or share swap )
(h)	Purchase consideration		INR 9,99,84,208 (India Rupees Nine Crores Ninety-Nine Lakhs Eighty-
				Four Thousand Two-Hundred and Eight)
(i)	Shares acquired			1,921 CCPS representing 15.17% of total paid up capital of Exactspace,
				in one or more tranches.
(j)	Target Information		Background: Exactspace is engaged in the business of developing
				artificial intelligence solutions for energy industry.
				Date of Incorporation: 14/12/2017
For THERMAX LIMITED
Janhavi Khele
Company Secretary
Membership No: A20601