On September 13, 2024, Thermax Limited announced that it has signed a loan agreement with its wholly owned subsidiary, Thermax Babcock & Wilcox Energy Solutions Ltd. (TBWES), for a loan of up to ₹250 crore. The funds will be provided in one or more tranches, with the loan intended to support business operations.
The loan agreement, executed without special rights or securities, is part of a related party transaction conducted at arm’s length. As of the agreement date, there is no outstanding loan from TBWES, and no security has been provided for this loan.
Despite common directors between the two companies, TBWES does not have the right to appoint a director to the Board of Thermax Limited. The disclosure follows SEBI’s regulatory requirements under the Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015.
This move aligns with Thermax’s ongoing efforts to ensure financial stability and maintain transparency in its operations.
