Refex Industries will host an analyst and institutional investor meet on September 22, 2026. The event is part of the Anand Rathi Annual Flagship Conference G-200 Summit 2026.

Company officials will participate in a group meeting scheduled for 9:00 am at the Taj Santacruz in Mumbai. The disclosure was made pursuant to Regulation 30 of the SEBI Listing Regulations and the associated master circular dated January 30, 2026.

Meeting Details

The interaction will focus exclusively on publicly available information. No unpublished price-sensitive information (UPSI) is intended for discussion during the session.

Ankit Poddar, Company Secretary and Compliance Officer, signed the disclosure. The company noted that changes may occur due to exigencies on the part of the host or the company.

Refex Industries promoter Refex Holding Private Limited (RHPL) created new pledges over its equity shares in September 2026. The encumbrance covers shares held by the promoter entity, bringing the total pledged stake to 26.02% of the company’s paid-up share capital.

The disclosure was filed pursuant to Regulation 31(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. RHPL holds a total of 7,76,23,085 shares, representing 56.56% of the total share capital. As on September 16, 2026, the promoter group has encumbered 3,57,02,103 shares.

Recent Pledge Creations

Three separate pledge events were reported in mid-September 2026. The reasons cited include collateral for loans taken by RHPL and personal use by promoters and persons acting in concert (PACs).

Existing Encumbrances

The filing details multiple existing pledge agreements dating from March 2024 to June 2026. Several of these involve significant debt instruments issued by group companies, particularly Refex Life Sciences Private Limited.

Encumbrance No. 2, dated July 30, 2025, involves 1,29,28,061 shares (9.42% of capital) pledged to Catalyst Trusteeship Limited for the benefit of Touchstone Trust Scheme VI. This pledge secures secured, unrated, unlisted optionally convertible and non-convertible debentures with a face value of ₹10 lakh each. The amount involved is ₹335 crore. Additional margin pledges under Encumbrance No. 6 and No. 7 further increased the encumbered shares for this facility due to price fluctuations, with the latest ratio of share value to amount involved dropping to 0.27:1 as on February 25, 2026.

Other existing pledges include:

• Encumbrance No. 1: 24,58,213 shares (1.79%) pledged to Beacon Trusteeship Limited for Vivriti Capital Limited against ₹40 crore for personal use.
• Encumbrance No. 8: 35,00,000 shares (2.55%) pledged to Axis Securities Limited against ₹40 crore for personal use.
• Encumbrance No. 9: 20,90,000 shares (1.52%) pledged to Northern Arc Capital Limited against ₹25 crore as collateral for loans taken by RHPL.

What the Numbers Show

The data reveals a high concentration of promoter borrowing secured by listed company equity. Of the total 3,57,02,103 pledged shares, a significant portion secures debt instruments issued by Refex Life Sciences Private Limited rather than direct operational loans to the listed entity. The declining security cover ratios in certain tranches, such as the 0.27:1 ratio noted for the Touchstone Trust Scheme VI facility, indicate that additional shares have been pledged to maintain margin requirements amidst price fluctuations.

All other promoters and PACs, including members of the Jain family and the Refex Family Trust, hold zero shares and have no encumbrances as on the reporting date.