Refex Industries Limited has secured an order for the supply of Bulk Industrial Commodity from a leading Navratna PSU operating in the steel sector. The development was disclosed under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with the SEBI Master Circular bearing reference no. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Order Details

The order involves the supply of Bulk Industrial Commodity to a domestic entity and is valued at approximately INR 36.50 Crore. The contract is expected to be executed within approximately 40 days. The following table summarises the key parameters of the order as disclosed:

Compliance and Disclosure

The disclosure was made by Refex Industries in compliance with the applicable SEBI regulatory framework. The company confirmed that neither the promoter, promoter group, nor group companies hold any interest in the entity that awarded the order. Additionally, the transaction does not fall within the scope of related party transactions. The communication was signed by Ankit Poddar, Company Secretary and Compliance Officer, on May 13, 2026.

Refex Industries Limited has announced the lapse and subsequent forfeiture of all 1,11,70,000 convertible warrants that were allotted on a preferential basis on November 07, 2024. The forfeiture occurred after warrant holders failed to pay the balance 75% of the issue price within the stipulated exercise period ending May 06, 2026. The company disclosed this development under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, on May 07, 2026.

Background of the Warrant Issuance

The warrants were issued as part of a preferential allotment approved in October 2024, alongside 81,77,068 equity shares allotted to the non-promoter category at ₹468 per share. The total preferential issue, comprising both equity shares and convertible warrants, aggregated to ₹905.44 Crore. The warrants were issued to promoter and non-promoter investors at ₹468 per warrant, inclusive of a face value of ₹2 each. As per the terms, 25% of the issue price was collected upfront, with the remaining 75% due within 18 months of allotment.

Lapse and Forfeiture Details

Since the company did not receive the balance 75% consideration, all outstanding warrants lapsed upon expiry of the exercise period on May 06, 2026. Consequently, the upfront 25% subscription amount of ₹1,30,68,90,000 (₹130.69 Crore) stands forfeited under Regulation 169(3) of the SEBI ICDR Regulations. The market price of the company's equity shares stood at ₹260 as of May 04, 2026, compared to the warrant issue price of ₹468.

Monitoring Agency Report on Fund Utilization

CARE Ratings Limited, in its monitoring agency report for the quarter ended March 31, 2026, confirmed the forfeiture. The report noted that out of the total warrant issue amount of ₹522.75 crore, the company had received ₹130.68 crore as upfront consideration. The report also highlighted that the company has utilized ₹499.88 crore of the total proceeds raised, with ₹13.50 crore remaining unutilized and deployed in fixed deposits with Union Bank of India. The funds were primarily utilized for working capital, capital expenditure, and investment in subsidiaries.

Impact on Capital Structure

Refex Industries confirmed that the lapse of these warrants will result in no change to the company's paid-up share capital, as none of the warrants were exercised for conversion into equity shares. The forfeited amount will be retained by the company and accounted for in accordance with applicable accounting standards.