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 The company stated that no unpublished price sensitive information (UPSI) is intended to be discussed.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.

Refex Industries Limited saw its promoter, Refex Holding Private Limited (RHPL), create a pledge on 10,00,000 equity shares across two days in late September 2026. The encumbrance was disclosed to stock exchanges on September 23, 2026, under SEBI regulations governing substantial acquisition of shares and takeovers.

The pledge creation occurred in two equal tranches of 5,00,000 shares each. The first tranche, dated September 21, 2026, was pledged in favor of Frazer Goods & Supply Private Limited. The second tranche, dated September 22, 2026, was pledged to Infosoft Global Private Limited. In both instances, the stated reason for the encumbrance was "personal use by promoters and PACs" (Persons Acting in Concert).

Impact on Promoter Holding Structure

Following these new pledges, RHPL’s total encumbered shareholding rose to 3,67,02,103 shares, representing 26.75% of the company’s total share capital. Prior to these events, the already encumbered holding stood at 3,57,02,103 shares (26.02%).

The total promoter holding remains unchanged at 7,76,23,085 shares, which constitutes 56.56% of the paid-up share capital. Consequently, the proportion of promoter shares that are now encumbered has increased slightly.

Security Cover and Counterparties

The filing details specific security cover ratios for the newly created pledges. For both transactions, the value of the pledged shares exceeded the amount involved, indicating a coverage ratio above 1:1.

• Frazer Goods & Supply Private Limited: Pledged 5,00,000 shares valued at ₹14,66,00,000 against an amount involved of ₹5,00,00,000. This results in a security cover ratio of 2.93:1.
• Infosoft Global Private Limited: Pledged 5,00,000 shares valued at ₹14,55,00,000 against an amount involved of ₹5,00,00,000. This results in a security cover ratio of 2.91:1.

It is noteworthy that while Frazer Goods & Supply is identified as a scheduled commercial bank or public financial institution equivalent in the disclosure context (marked as "Yes" for regulated entity status), Infosoft Global Private Limited is described as operating a data visualization platform. The disclosure confirms that neither pledge relates to debt instruments like debentures or commercial papers.

What the Numbers Show

A critical observation from the disclosure is the concentration of promoter risk. With the latest pledges, 47.28% of RHPL’s total shareholding is now encumbered. While this figure remains below the 50% threshold that often triggers heightened regulatory scrutiny or margin call risks in broader market contexts, it represents nearly half of the promoter's stake being leveraged. Furthermore, the encumbered shares constitute 26.75% of the total share capital, exceeding the 20% threshold mentioned in the regulatory checklist for significant encumbrance reporting.