Refex Industries Limited appointed Anil S. Kulkarni and Prasad Jakkaraju as Senior Management Personnel (SMP) effective August 22, 2026. The Board of Directors approved the designations following a recommendation from the Nomination and Remuneration Committee.

Refex Industries disclosed the appointments under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The move aligns with the company’s operational structure across its core divisions.

Executive Appointments

The board designated the two executives to lead specific business units and functional areas:

Both appointments took effect on August 22, 2026. The company confirmed that there are no relationships between these appointees and the existing directors.

Professional Backgrounds

Anil S. Kulkarni brings over 29 years of experience in the ready-mix concrete and building materials industry. He holds a B.E./B.Tech. in Civil Engineering and an MBA/PGDM in Marketing. His expertise covers business operations, profit centre management, strategic growth, market expansion, and operational excellence.

Prasad Jakkaraju has more than 22 years of experience in sustainability, environmental health and safety (EHS), and regulatory compliance. He holds a B.Tech. in Chemical Engineering along with professional certifications in sustainability, energy management, GHG emissions, and ISO management systems. His background spans manufacturing, chemical, agrochemical, and consumer products sectors.

Refex Holding Private Limited, the promoter of Refex Industries , has created a fresh pledge over 20,90,000 equity shares. The transaction was executed on August 10, 2026, with Northern Arc Capital Limited as the beneficiary entity. According to the disclosure filed pursuant to Regulation 31(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, the pledge serves as collateral for loans taken by the company.

The creation of this new encumbrance coincided with the release of 24,07,917 equity shares from previous pledges. Consequently, the aggregate number of encumbered shares held by the promoter decreased compared to the prior disclosure. As on August 10, 2026, the total pledged shares stood at 3,34,58,612.

Promoter Shareholding Details

Refex Holding Private Limited holds a total of 7,76,23,085 equity shares in the listed entity, constituting 56.57% of the total paid-up share capital. The remaining promoters, including the Refex Family Trust and individual family members such as Mr. Tarachand Jain, Ms. Ugamdevi Jain, Mr. Anil Jain, Ms. Dimple Jain, and Mr. Yash Jain, hold zero shares as on the reporting date.

What the Numbers Show

The data reveals a net reduction in promoter leverage despite the new borrowing activity. While a fresh pledge of 20,90,000 shares was created for Northern Arc Capital Limited, the simultaneous release of a larger block of 24,07,917 shares indicates active debt management or refinancing. The total encumbered stake remains significant at 24.38% of the total share capital, which exceeds the 20% threshold of total capital but remains below the 50% limit of the promoter's total holding.

Existing Encumbrances

The disclosure outlines multiple existing encumbrances linked to various lenders and purposes. Significant portions of the promoter's stake are already pledged to entities including Vivriti Capital Limited, Touchstone Capital Limited, Bhansali Fincom Private Limited, Shringee Packaging and Ancillary Private Limited, Ellenbarrie Industrial Gases Limited, and Axis Securities Limited.

Most existing pledges are cited as collateral for personal use by promoters and persons acting in concert (PACs). However, one major encumbrance involving Touchstone Capital Limited is linked to secured, unrated, unlisted optionally convertible and non-convertible debentures issued by Refex Life Sciences Private Limited. The face value of these debentures is ₹10 lakh each. The latest additional margin pledges to Touchstone Capital were executed in January and February 2026, reflecting adjustments to security cover ratios for these debt instruments.