MRF Acquires 27.2% Stake In Thermax Arm Under Revised Pact

Thermax Ltd. on Saturday said MRF Ltd. has acquired a 27.2% stake, or 21.1 million equity shares, in First Energy 8 Pvt. Ltd. from its wholly-owned unit First Energy Pvt. Ltd., under a revised agreement.

MRF, the captive user under the Electricity Act, 2003, has acquired the shares instead of subscribing to them as originally planned, Thermax said in an exchange filing. Following this transaction, First Energy 8 is no longer a wholly-owned subsidiary of First Energy.

In January, Thermax had said MRF would subscribe to 35.87 million shares, and First Energy would subscribe to 96 million shares in First Energy 8 at ₹10 apiece, making up the company’s total share capital.