Clean Max Enviro Energy Solutions Limited (CLEANMAX)

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

Clean Max Enviro Energy Solutions has approved the issuance of a corporate guarantee not exceeding ₹45.09 crore in favor of a lender for term loan facilities availed by its subsidiary, Clean Max Patagonia Private Limited. This guarantee constitutes an arm's-length transaction and will be treated as a contingent liability for the parent company. Relative to Clean Max's TTM revenue of ₹2,343 crore and market capitalization of ₹15,539 crore, the ₹45.09 crore guarantee represents approximately 1.9% of TTM revenue, indicating low balance-sheet risk.

• Corporate guarantee approved for an amount not exceeding ₹45,09,00,000 (₹45.09 crore).
• Issued in favor of a lender securing term loan facilities of Clean Max Patagonia Private Limited.
• Approved by the Risk Management Committee on 7 October 2026.
• The transaction will be classified as a contingent liability with no immediate financial impact.

Clean Max Enviro Energy Solutions has secured final approval from BSE Limited on September 30, 2026, to modify the terms of 40,000 listed NCDs with a face value of INR 1,00,000 each (totaling ₹400 crore). Under the approved revision, the debentures will convert from 'Unsecured NCDs' to 'Secured NCDs'. Consequently, the debenture ISIN will transition from INE647U08039 to INE647U07049 pursuant to modifications in the Debenture Trust Deed dated October 27, 2025.

• Approval covers 40,000 listed, rated, redeemable NCDs with a face value of INR 1,00,000 each (aggregate ₹400 crore)
• BSE Limited granted final approval via notice no 20260930-4 dated 30 September 2026
• Mode of security revised from 'Unsecured NCDs' to 'Secured NCDs'
• ISIN transitions from existing INE647U08039 to revised INE647U07049
• Modification follows prior Board authorization on 31 July 2026 and initial intimation on 14 August 2026

Clean Max Enviro Energy Solutions has listed 2,50,000 senior, secured, rated, redeemable green Non-Convertible Debentures (NCDs) on the BSE. The face value is ₹1,00,000 per debenture, aggregating to a total issuance size of ₹2,500 crore. The listing approval was received from BSE on September 29, 2026, following the allotment done on September 28, 2026. The NCDs are issued across five tranches (Series A through E) to support its renewable energy financing.

• Listed 2,50,000 green debt securities aggregating to ₹2,500 crore on BSE
• Debentures carry a face value of ₹1,00,000 each
• BSE listing approval received on September 29, 2026 (Notice No. 20260929-12)
• Issued across 5 series: Series A (20,000), B (40,000), C (80,700), D (61,500), and E (47,800)

Clean Max Enviro Energy Solutions Limited announced that its shareholders have approved all 32 ordinary resolutions proposed via postal ballot with near 100% majority. The resolutions authorize material related party transactions with various subsidiaries, step-down subsidiaries, and associates, including Emmvee Energy Private Limited. Promoter and promoter group entities abstained from voting as interested parties. Out of 11,74,71,170 outstanding shares, 4,20,44,954 votes (35.79%) were polled through remote e-voting.

• All 32 ordinary resolutions passed with requisite majority via remote e-voting
• Total of 4,20,44,954 votes polled out of 11,74,71,170 shares (35.7917% turnout)
• Resolutions covered material related party transactions across 32 subsidiaries, step-down subsidiaries, and associates
• Public institutional voting saw 2,57,88,933 votes polled (84.87% turnout) with 100% approval
• E-voting period ended on 24 September 2026, and results were certified on 28 September 2026

Clean Max Enviro Energy Solutions Limited has approved the allotment of ₹2,500 crore in Senior, Secured, Rated, Listed Green Non-Convertible Debentures (NCDs) via private placement on September 28, 2026. The issue comprises five series (Series A to E) with tenors ranging from 24 months to 120 months. Coupon rates are structured between 8.250% (Series A) and 8.765% (Series C, D, and E), with interest payable quarterly. The NCDs are secured by project assets, SPV shares, and escrow accounts, and are proposed to be listed on BSE's Wholesale Debt Market segment.

• Total principal issue size of ₹2,500 crore allotted across Series A through E
• Coupons range from 8.250% for 24-month debt (Series A) to 8.765% for 60 to 120-month debt (Series C, D, E)
• Tenors span 24 months (Series A maturity in Sep 2028) up to 120 months (Series D & E maturity in Sep 2036)
• Received securities premium totaling ₹1.5768 crore across Series C (₹1.02 lakh) and Series E (₹1.5666 crore)

Clean Max Enviro Energy Solutions Limited has approved the allotment of 2,830 equity shares of face value ₹1 each on September 23, 2026. This comprises 1,415 shares issued upon the exercise of vested stock options at an exercise price of ₹1 per share and 1,415 bonus shares issued in a 1:1 ratio. Total capital realized from the exercise is ₹1,415. The allotment marginally increases the company's paid-up share capital from ₹11,75,49,370 to ₹11,75,52,200.

• Allotment of 2,830 equity shares of face value ₹1 each
• Comprises 1,415 option exercise shares and 1,415 bonus shares (1:1 ratio)
• Exercise price set at ₹1 per option, realizing total funds of ₹1,415
• Paid-up share capital increased from ₹11,75,49,370 to ₹11,75,52,200

Clean Max Enviro Energy Solutions has appointed Mr. Vipin Balan as Head - Projects (Senior Management Personnel) effective September 21, 2026. Balan brings over 31 years of renewable energy experience across wind and solar execution. Simultaneously, the company announced the sale of 26% equity stakes (2,600 shares each) in three special purpose vehicles (SPVs) to Strata Geosystems, Goodluck India, and Nuvoco Vistas for ₹26,000 each. These SPV divestments represent captive power structures typical in renewable open-access projects and carry negligible direct financial size.

• Appointed Mr. Vipin Balan as Head - Projects with over 31 years of experience in wind and solar energy
• Divesting 26% stake (2,600 shares) in Clean Max Kyuu Pvt Ltd to Strata Geosystems for ₹26,000
• Divesting 26% stake (2,600 shares) in Clean Max Roku Pvt Ltd to Goodluck India for ₹26,000
• Agreed revised terms to sell 26% stake (2,600 shares) in Clean Max Ilgohp Pvt Ltd to Nuvoco Vistas for ₹26,000
• All three SPV share purchase agreements are targeted for execution on or before December 31, 2026

Clean Max Enviro Energy Solutions has appointed Mr. Vipin Balan as Head - Projects (Senior Management Personnel) effective September 21, 2026. Balan brings over 31 years of renewable energy experience across wind and solar execution. Simultaneously, the company announced the sale of 26% equity stakes (2,600 shares each) in three special purpose vehicles (SPVs) to Strata Geosystems, Goodluck India, and Nuvoco Vistas for ₹26,000 each. These SPV divestments represent captive power structures typical in renewable open-access projects and carry negligible direct financial size.

• Appointed Mr. Vipin Balan as Head - Projects with over 31 years of experience in wind and solar energy
• Divesting 26% stake (2,600 shares) in Clean Max Kyuu Pvt Ltd to Strata Geosystems for ₹26,000
• Divesting 26% stake (2,600 shares) in Clean Max Roku Pvt Ltd to Goodluck India for ₹26,000
• Agreed revised terms to sell 26% stake (2,600 shares) in Clean Max Ilgohp Pvt Ltd to Nuvoco Vistas for ₹26,000
• All three SPV share purchase agreements are targeted for execution on or before December 31, 2026

Clean Max Enviro Energy Solutions has issued a clarification and corrigendum regarding its Postal Ballot Notice dated 17 August 2026. The update specifically amends Note (C) 'Tenure of RPTs' on page 63, clarifying the tenure for Related Party Transactions (RPTs) including EPC contracts, Equity Infusion, and Module/Material Purchases. For EPC contracts, the tenure is defined as 3 years commencing from the earlier of approval date or underlying PPA signing date. All other terms, explanatory statements, and proposed resolutions remain unchanged.

• Postal Ballot Notice dated 17 August 2026 amended via corrigendum on 15 September 2026.
• Tenure for EPC related party transactions clarified as 3 years from the earlier of approval date or PPA signing.
• Corrigendum covers three RPT categories: EPC (S. No. 1), Equity Infusion (S. No. 11), and Purchase of Modules/Material Transfer (S. No. 12).
• All other contents and proposed resolutions in the original postal ballot notice remain unchanged.

Clean Max Enviro Energy Solutions Limited has scheduled interactions across four investor conferences in Mumbai between September 21 and September 23, 2026. The company will participate in summits organized by Anand Rathi, Morgan Stanley, Nomura, and JM Financial covering power, data centers, and energy infrastructure. The meetings will consist of in-person one-on-one and group interactions. The management stated that no unpublished price-sensitive information (UPSI) will be shared during these meetings.

• Participation scheduled across 4 investor conferences in Mumbai
• Conferences take place between 21 September 2026 and 23 September 2026
• Format includes in-person one-on-one and group interactions with institutional investors
• Zero unpublished price-sensitive information (UPSI) to be shared