Refex Industries Limited saw its promoter, Refex Holding Private Limited (RHPL), create a pledge on 5,00,000 equity shares and release a pledge on 8,33,333 shares on September 23, 2026. The net effect reduced RHPL’s total encumbered holding to 3,63,68,770 shares, representing 26.50% of the company’s total share capital. The disclosure was made to stock exchanges on September 24, 2026, under SEBI regulations governing substantial acquisition of shares and takeovers.

The new pledge creation involved 5,00,000 shares in favor of Minecs Finvest Private Limited for "personal use by promoters and PACs" (Persons Acting in Concert). Simultaneously, RHPL released 8,33,333 shares previously pledged to Ellenbarrie Industrial Gases Limited, citing the "release of security upon closure of facility." This follows earlier pledges to Frazer Goods & Supply and Infosoft Global Private Limited in late September.

Impact on Promoter Holding Structure

Following these transactions, RHPL’s total encumbered shareholding decreased from the post-September 22 level of 3,67,02,103 shares (26.75%) to 3,63,68,770 shares (26.50%). The total promoter holding remains unchanged at 7,76,23,085 shares, which constitutes 56.56% of the paid-up share capital.

Security Cover and Counterparties

The filing details specific security cover ratios for the newly created pledge. For the transaction with Minecs Finvest Private Limited, the value of the pledged shares exceeded the amount involved, indicating a coverage ratio above 1:1.

• Minecs Finvest Private Limited: Pledged 5,00,000 shares valued at ₹14,33,25,000 against an amount involved of ₹5,00,00,000. This results in a security cover ratio of 2.87:1. Minecs Finvest is identified as a Non-Banking Financial Company (NBFC).

The release of shares from Ellenbarrie Industrial Gases Limited reduces the overall encumbrance load. The disclosure confirms that neither the new pledge nor the release relates to debt instruments like debentures or commercial papers.

What the Numbers Show

A critical observation from the combined disclosures is the dynamic management of promoter risk. While the latest single-day activity resulted in a net reduction of encumbered shares, the total encumbered stake remains high at 46.85% of RHPL’s total shareholding. This figure is just below the 50% threshold that often triggers heightened regulatory scrutiny or margin call risks. Furthermore, the encumbered shares constitute 26.50% of the total share capital, still exceeding the 20% threshold mentioned in the regulatory checklist for significant encumbrance reporting.

Refex Industries Limited will host a virtual analyst and institutional investor meet on September 30, 2026, at 12:00 pm. The company announced this disclosure under Regulation 30 of the SEBI Listing Regulations.

The meeting is scheduled as part of the Bharat Connect Conference, specifically the Arihant Capital Virtual Conference. Discussions during the interaction will be based solely on publicly available information. The company stated that no unpublished price sensitive information (UPSI) is intended to be discussed.

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