Thermax Limited has received approval from the National Company Law Tribunal, Mumbai Bench for the scheme of merger by absorption of its wholly owned subsidiary, Buildtech Products India Private Limited. The NCLT order was pronounced on June 2, 2026 and received by Thermax on June 3, 2026. The disclosure was made under Regulation 30 of the SEBI Listing Regulations.
The board of Thermax and Buildtech had approved the proposed scheme on October 17, 2025 with an appointed date of April 1, 2025. Buildtech, incorporated on November 8, 1995, is engaged in the manufacturing of construction chemicals including admixtures, waterproofing products, resin capsules and poly fiber membranes.
Since Thermax holds the entire equity share capital of Buildtech, no consideration will be paid and no shares will be issued under the scheme. The shares of Buildtech held by Thermax will stand extinguished upon the scheme becoming effective. The capital structure of Thermax will remain unchanged post-merger.
The merger aims to consolidate the construction chemicals business, eliminate duplication of operations, and simplify the group structure. Thermax had secured creditors with dues of Rs 1,287.62 crore, while creditors representing 92.71 per cent in value had consented to the scheme. The Regional Director had filed a report expressing no objections to the scheme.
The scheme will become effective upon filing of the NCLT order with the Registrar of Companies, Pune. Buildtech will be dissolved without winding up upon the scheme becoming effective.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.