Refex Industries promoter pledges 4.75 lakh shares for loan collateral
- Refex Holding Private Limited pledged 4,75,000 shares (0.35% of capital)
- Encumbrance created on September 1, 2026, for loan collateral
- Total promoter pledge now stands at 3,39,33,612 shares (24.72% of capital)
- Promoter retains 56.56% total stake in Refex Industries
*this image is generated using AI for illustrative purposes only.
Promoter Refex Holding Private Limited has created a pledge over 4,75,000 equity shares of Refex Industries , representing 0.35% of the company’s total share capital. The encumbrance was established on September 1, 2026, to serve as collateral for loans taken by the promoter.
The disclosure was filed with stock exchanges on September 3, 2026, pursuant to Regulation 31(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The shares were pledged in favor of KR Choksey Financial Services Private Limited.
Pledge Details
| Metric | Value |
|---|---|
| Shares Pledged | 4,75,000 |
| % of Total Share Capital | 0.35% |
| Date of Creation | September 1, 2026 |
| Lender | KR Choksey Financial Services Private Limited |
| Purpose | Collateral for loans taken by Company (RHPL) |
Promoter Shareholding Status
As of September 3, 2026, Refex Holding Private Limited holds a total of 7,76,23,085 shares, constituting 56.56% of the paid-up share capital. Of this holding, 3,39,33,612 shares remain encumbered, accounting for 24.72% of the total share capital.
The disclosure notes that while the encumbered shares represent 43.72% of the promoter’s total holding, this figure does not exceed the 50% threshold relative to promoter shareholding. However, the encumbered stake does exceed 20% of the company’s total share capital.
What the Numbers Show
The latest pledge adds to a series of encumbrances created between March 2024 and August 2026. While the new pledge is relatively small at 0.35% of total capital, it brings the cumulative pledged stake to nearly a quarter of the company’s equity. All disclosed encumbrances, including this latest one, cite personal use by promoters or collateral for promoter loans as the end use of funds, indicating the debt is held at the holding company level rather than being utilized for operational working capital within the listed entity.
Historical Stock Returns for Refex Industries
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.13% | -1.77% | -5.26% | +27.07% | -23.63% | +763.41% |
How might the cumulative pledge level of 24.72% impact Refex Industries' credit rating or future borrowing capacity?
What are the specific terms and maturity dates of the loans secured by KR Choksey Financial Services, and when will refinancing be required?
Could the promoter's reliance on share pledges for personal liquidity signal potential cash flow constraints at the holding company level?
17
Access 50+ Readymade Screeners 
Use 200+ Custom Filters 
Get Full Market Insights 
