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.

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

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.