Settlement Agreement signed to complete final tranche of TSA stake sale to Thermax for Rs. 13,98,60,000

The company executed a Settlement Agreement on September 29, 2026 with Thermax Limited relating to the sale of its remaining stake in TSA Process Equipments Private Limited.

Wed 30 Sep 2026

Number of equity shares in final tranche

2,23,440

Consideration for second tranche

Rs. 13,98,60,000/-

Expected completion date

October 05, 2026

First tranche completion

April 2024

TSA contribution to turnover/revenue in last FY

NIL

What was shared

The company informed the exchanges that on September 29, 2026 it executed a Settlement Agreement connected to the sale of its shareholding in TSA Process Equipments Private Limited to Thermax Limited.

Background

• The Board approved the transaction on February 05, 2024, and a Share Purchase Agreement was signed on February 06, 2024 with Thermax Limited and other parties.
• The sale was structured in two tranches.
• The first tranche completed in April 2024, through which Thermax acquired 51% of TSA's share capital.
• The second and final tranche relates, inter alia, to the sale of 2,23,440 equity shares held by the company in TSA.

Why the Settlement Agreement

After the SPA was executed, the parties mutually agreed to revise certain terms relating to the consideration payable for the second tranche. The Settlement Agreement records and gives effect to those revised terms and facilitates completion of the final tranche. The company states the underlying objective of the transaction — sale of its remaining shareholding in TSA to Thermax — is unchanged.

Key details disclosed

• Date of agreement for sale: September 29, 2026
• Expected date of completion: October 05, 2026
• Consideration: Rs. 13,98,60,000/-
• Turnover/revenue/income contributed by TSA in the last financial year: NIL
• Net worth contributed: NIL
• Buyer: Thermax Limited, not related to the promoter, promoter group or group companies
• Not a related party transaction
• Not outside a Scheme of Arrangement; slump sale disclosures not applicable

How to read it

This completes the exit from a holding where the reported contribution to turnover and net worth for the last financial year was NIL. The cash consideration for the final tranche is stated at Rs. 13,98,60,000/-, on revised terms agreed between the parties. Investors may watch for a confirmation of completion around the expected date.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.