Relaxo Footwears530517Stake acquisition deal

Acquires 26% of a renewable-energy SPV, which becomes an Associate

Relaxo Footwears acquired 2,600 equity shares (face value Rs 10 each) of Clean Max MUOI Pvt Ltd, equal to 26% of its paid-up equity share capital, from the SPV's promoter.

By ScoutQuest · Fri 23 Oct 2026, 6:04 PM IST · 2 min read

Shares Acquired: 2,600 equity shares
Face Value per Share: Rs 10 each
Stake in SPV Paid-up Equity: 26% of its paid-up equity share capital

What the company said

On October 23, 2026, Relaxo Footwears acquired 2,600 equity shares of face value Rs 10 each in Clean Max MUOI Private Limited.
Those shares equal 26% of the paid-up equity share capital of that company, referred to as the SPV.
The seller was Clean Max Enviro Energy Solutions Limited, described as the promoter of the SPV.
With this, the SPV has become an 'Associate' of Relaxo Footwears.

Why the company says it is doing this

The acquisition follows arrangements the company had disclosed earlier for buying renewable energy under the group captive mechanism, for its manufacturing facilities in the state of Haryana. Today's intimation is a follow-through on those earlier disclosures, dated May 28, 2026, June 16, 2026 and October 05, 2026.

What group captive means, in simple terms

In a group captive arrangement, a company takes a stake in the entity that generates power and then buys electricity from it. Because the buyer is a part-owner, the arrangement is treated differently from ordinary open-market power purchase. The practical link for a retail reader is that the stake is tied to the company's power supply arrangement at its Haryana plants, not a standalone financial investment.

What changes on the books

The SPV moves into the company's books as an 'Associate', which is how a company accounts for an entity in which it has significant influence but not control.
The holding is 26%, expressed as a share of the paid-up equity share capital.
Apart from this equity share acquisition, the company says there are no other changes to its earlier disclosures.

Key figures at a glance

Shares acquired: 2,600 equity shares
Face value per share: Rs 10
Stake in the SPV's paid-up equity share capital: 26%

What to keep in mind

The update states the number of shares, their face value and the percentage holding, and the purpose behind the purchase. It presents the step as part of an already-disclosed renewable energy arrangement rather than as a new, separate business decision.

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