Refex Industries promoter Refex Holding Private Limited (RHPL) disclosed the creation of a pledge on 5,00,000 shares and the release of a pledge on 15,62,500 shares in a filing with stock exchanges on October 13, 2026.

The disclosure was made pursuant to Regulation 31(1) and 31(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The filing details encumbrances created for personal use by promoters and PACs, as well as collateral for loans taken by RHPL.

Pledge Creation Details

RHPL created new pledges on three separate occasions dated October 9, 2026, involving a total of 15,45,000 shares. These were pledged in favor of Infosoft Global Private Limited, Krchoksey Financial Services Private Limited, and S Jogani Exports Private Limited.

Pledge Release Details

On October 12, 2026, RHPL released a pledge on 15,62,500 shares held by Shringee Packaging and Ancilliary Private Limited. The reason cited for this release was the closure of a facility.

Promoter Shareholding Structure

As of October 13, 2026, Refex Holding Private Limited holds 7,76,23,085 shares, representing 56.56% of the total share capital. The total encumbered shares stand at 3,67,64,272, which is 26.80% of the total share capital.

What the Numbers Show

The net movement in pledged shares is a reduction of 18,75,000 shares (release of 15,62,500 minus creation of 15,45,000). Despite this net reduction, the total promoter holding remains stable at 56.56%. The encumbered portion constitutes approximately 47.36% of the total promoter shareholding, indicating that nearly half of the promoter's stake remains pledged, primarily for personal use and company collateral.

Refex Industries promoter Refex Holding Private Limited (RHPL) has created a pledge on 4,13,002 equity shares, representing 0.30% of the company's total share capital. The disclosure was made to stock exchanges on October 1, 2026, pursuant to Regulation 31(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The pledge was created in favor of Beacon Trusteeship Limited on September 29, 2026. The stated reason for the encumbrance is personal use by promoters and Persons Acting in Concert (PACs). This transaction increases RHPL's total encumbered shareholding in Refex Industries to 3,67,81,772 shares, or 26.80% of the paid-up share capital.

Encumbrance Details

The newly pledged shares are an additional margin pledge related to an existing loan agreement (Encumbrance No. 1) with Vivriti Capital Limited, facilitated by Beacon Trusteeship Limited. The security cover ratio for this specific tranche stands at 1.95:1 against a borrowed amount of ₹40 crore.

What the Numbers Show

A significant concentration of promoter wealth is tied up in debt instruments. Following this latest creation, RHPL has pledged 47.39% of its total holding in Refex Industries. While this remains below the 50% threshold that often triggers heightened regulatory scrutiny or margin call risks in many contexts, it indicates a high level of leverage against the promoter's equity stake.

Furthermore, the encumbered shares now constitute 26.80% of the total share capital of the listed entity. This exceeds the 20% threshold of total share capital, which is a key metric monitored by market regulators for potential impact on free float and liquidity. The pattern of recent pledges, including multiple additional margin pledges due to price fluctuations (as seen in Encumbrances No. 10 and 16), suggests that the promoter group is actively managing collateral requirements as the share price moves.