Clean Max Enviro Energy Solutions Limited (CLEANMAX)

Clean Max Enviro Energy Solutions Limited has approved the allotment of 1,24,732 equity shares of face value INR 1 each on 06 November 2026. The allotment includes 62,366 shares via the exercise of vested stock options at an exercise price of INR 1 per option, and 62,366 bonus shares allotted in a 1:1 ratio. Consequently, the company's paid-up share capital increased marginally from INR 11,76,08,856 to INR 11,77,33,588.

• Approved allotment of 1,24,732 equity shares of face value INR 1 each on 06 November 2026
• Comprises 62,366 shares via option exercise at INR 1 per option and 62,366 bonus shares (1:1 ratio)
• Paid-up equity share capital increased from INR 11,76,08,856 to INR 11,77,33,588
• Allotted shares rank pari-passu with existing equity shares

Clean Max Enviro Energy Solutions Limited has approved the issuance of corporate guarantees totaling ₹115 Crore in favor of lenders on behalf of three subsidiaries. The guarantees secure rupee term loan facilities for Clean Max Iguazu (₹31.98 Cr), Clean Max San (₹28.02 Cr), and Clean Max Leo (₹55 Cr). The total guarantee amount represents approximately 1.86% of the company's net worth of ₹6,177 Cr and 4.9% of its TTM revenue. These obligations will be treated as contingent liabilities on an arm's length basis, with no immediate P&L impact.

• Corporate guarantee of ₹55 Crore approved for Clean Max Leo Private Limited
• Corporate guarantee of ₹31.98 Crore approved for Clean Max Iguazu Private Limited
• Corporate guarantee of ₹28.02 Crore approved for Clean Max San Private Limited
• Total guarantee commitments aggregate to ₹115 Crore across three subsidiaries

Clean Max Enviro Energy Solutions has approved the issuance of listed, redeemable Non-Convertible Debentures (NCDs) on a private placement basis for up to ₹3,000 crore. Relative to the company's market cap of ₹13,720 crore and TTM revenue of ₹2,343 crore, the proposed debt fundraise is substantial (equivalent to ~128% of TTM revenue). Additionally, the Board cleared the incorporation of a wholly owned subsidiary in GIFT City IFSC for global treasury activities with an initial investment of ₹2.10 crore. Unaudited standalone and consolidated Q2 FY27 results and asset cover ratios were also reviewed by the board.

• Approved issuance of listed, rated NCDs up to ₹3,000 crore on private placement basis
• Proposed debt raise of ₹3,000 crore represents ~128% of TTM revenue (₹2,343 crore)
• Incorporation of a Wholly Owned Subsidiary in GIFT City IFSC with ₹2.10 crore cash equity subscription
• Reported an exclusive security cover ratio of 1.08x on book value for existing ₹2,500 crore NCDs as of September 30, 2026

Clean Max Enviro Energy Solutions Limited has submitted its Statement of Deviation or Variation under Regulation 32 for the quarter ended 30 September 2026. The company confirmed that there has been no deviation or variation in the utilisation of funds raised from its Initial Public Offering (IPO). Total funds raised during the IPO allotment on 26 February 2026 were ₹3,079.88 Crores. CARE Ratings Limited served as the monitoring agency and issued the monitoring report with nil adverse comments.

• Total funds raised via IPO amounted to ₹3,079.88 Crores on allotment date 26 February 2026
• Zero deviation or variation reported in fund utilisation for the quarter ended 30 September 2026
• CARE Ratings Limited confirmed no deviations as the appointed monitoring agency
• Audit Committee and statutory auditors noted nil comments on fund utilisation

Clean Max Enviro Energy Solutions Limited's Stakeholders Relationship Committee approved the allotment of 3,320 equity shares of face value INR 1 each on October 30, 2026. This comprises 1,660 equity shares issued upon the exercise of vested stock options at an exercise price of INR 1 per option, and 1,660 bonus shares in a 1:1 ratio. Consequently, the company's paid-up share capital marginally increased from INR 11,76,05,536 to INR 11,76,08,856.

• Allotment of 3,320 equity shares with a face value of INR 1 each
• Comprises 1,660 exercised options at INR 1 each plus 1,660 1:1 bonus shares
• Paid-up share capital increases from INR 11,76,05,536 to INR 11,76,08,856
• Shares rank pari-passu with existing equity shares

Clean Max Enviro Energy Solutions has approved the sale of 2,600 shares, representing a 26% stake in its wholly owned subsidiary Clean Max Alps Private Limited, to Bayer Vapi Private Limited. The transaction consideration is ₹26,000, aligning with the typical captive power model where commercial & industrial consumers hold a 26% equity stake. The subsidiary was incorporated in December 2024 and contributed nil revenue and net worth in the last financial year. The share purchase agreement and completion of the sale are targeted on or before December 31, 2026.

• Sale of 2,600 shares representing 26% of paid-up share capital of Clean Max Alps Private Limited
• Cash consideration of ₹26,000 to be received from buyer Bayer Vapi Private Limited
• Agreement execution and completion targeted on or before December 31, 2026
• Clean Max Alps contributed nil turnover and net worth during the last financial year

Clean Max Enviro Energy Solutions has approved the issuance of corporate guarantees totaling ₹105 Crore to secure term loan facilities for two subsidiary companies. The guarantees cover ₹79.50 Crore for Clean Max Como Private Limited and ₹25.50 Crore for Clean Max Roku Private Limited. The total guarantee amount of ₹105 Crore represents approximately 4.5% of the company's TTM revenue of ₹2,343 Crore. The company stated that these transactions are at arm's length and will be treated as contingent liabilities on its standalone books with no immediate financial impact.

• Approved corporate guarantees totaling ₹105 Crore for two subsidiaries
• ₹79.50 Crore corporate guarantee extended for Clean Max Como Private Limited
• ₹25.50 Crore corporate guarantee extended for Clean Max Roku Private Limited
• Guarantees represent ~4.5% of Clean Max's TTM revenue of ₹2,343 Crore
• Guarantees are executed at arm's length and will sit as contingent liabilities

Clean Max Enviro Energy Solutions has approved the sale of 2,600 shares (a 26% stake) in its wholly owned subsidiary, Clean Max Hachi Private Limited, to Chambal Fertilisers and Chemicals Limited for ₹26,000. Clean Max Hachi was incorporated recently on 17 June 2026 and contributed zero revenue and net worth in the last financial year. The formal Share Purchase Agreement and transaction completion are expected on or before 30 November 2026. This setup is typical for captive renewable power projects where the off-taker acquires a 26% equity stake to comply with group captive rules.

• Sale of 2,600 equity shares representing a 26% stake in Clean Max Hachi Private Limited
• Total sale consideration agreed at INR 26,000
• Buyer is Chambal Fertilisers and Chemicals Limited, an unrelated party
• Subsidiary was incorporated on 17 June 2026 with nil contribution to revenue and net worth
• Transaction and Share Purchase Agreement scheduled for completion on or before 30 November 2026

Clean Max Enviro Energy Solutions announced that its indirect wholly owned subsidiaries, Cleanmax Energy (Thailand) and Cleanmax IHQ (Thailand), have entered into a Share Purchase Agreement to acquire 100% of Massmunch Company Limited for an enterprise value of THB 1,250,000 (approx. ₹31-32 lakh). The target entity operates in renewable energy generation in Thailand with nil turnover and a net worth of THB 1,213,300 as of December 31, 2025. The transaction is slated for completion by October 31, 2026, aimed at facilitating Clean Max's solar capacity expansion in Thailand. Given the company's TTM revenue of ₹2,343 crore, the financial size of this acquisition is negligible.

• Cleanmax Energy (Thailand) and Cleanmax IHQ (Thailand) acquiring 99.99% and 0.01% stakes, respectively, totaling 100% ownership.
• Acquisition consideration is an enterprise value of THB 1,250,000 in cash.
• Target entity Massmunch Company Limited had Nil turnover and net worth of THB 1,213,300 as of 31 December 2025.
• Indicative completion timeline is set for 31 October 2026.

Clean Max Enviro Energy Solutions has approved the allotment of 53,336 equity shares of face value INR 1 each. This comprises 26,668 shares allotted upon exercise of employee stock options at INR 1 per option, alongside 26,668 bonus shares (1:1 ratio approved in August 2025). Consequent to the allotment, the company's paid-up share capital increased marginally from INR 11,75,52,200 to INR 11,76,05,536.

• Allotment of 53,336 equity shares of face value INR 1 fully paid up
• Comprises 26,668 ESOS shares exercised at INR 1 per option
• Includes 26,668 bonus shares issued in 1:1 ratio approved on 8 August 2025
• Paid-up share capital increases from INR 11,75,52,200 to INR 11,76,05,536