Refex Industries Limited has successfully concluded its postal ballot e-voting process, with members approving two key resolutions on Thursday, April 30, 2026—the last date of remote e-voting. The voting was conducted pursuant to Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, based on a Postal Ballot Notice dated March 26, 2026. The scrutinizer's report was issued by Mehak Gupta & Associates, Company Secretaries, on May 04, 2026.

Key Details of the Postal Ballot Process

The e-voting facility was extended to all members through National Securities Depository Limited (NSDL) as the service provider. The process was conducted in electronic form only, with no physical ballot forms dispatched to shareholders.

Resolutions Considered

Two resolutions were placed before the members for approval through the postal ballot process:

• Resolution 1 (Special): Making investments, giving loans, guarantees and providing security in excess of limits specified under Section 186 of the Companies Act, 2013.
• Resolution 2 (Ordinary): Material Related Party Transaction(s) with Venwind Refex Power Limited, a subsidiary company.

Voting Results — Resolution 1 (Special Resolution)

The Special Resolution pertaining to investments, loans, guarantees, and security under Section 186 of the Companies Act, 2013 received strong support. The promoter and promoter group cast all their votes in favour, while public non-institutional shareholders also voted overwhelmingly in favour.

Of the 253 members who voted through e-voting, 213 voted in favour (8,30,54,712 votes, representing 99.67%) and 40 voted against (2,75,488 votes, representing 0.33%). The resolution was passed as a Special Resolution on April 30, 2026.

Voting Results — Resolution 2 (Ordinary Resolution)

The Ordinary Resolution concerning material related party transactions with Venwind Refex Power Limited was noted as one in which the promoter/promoter group declared an interest and accordingly did not cast votes. The resolution was decided entirely by public shareholders.

Of the 248 members who voted through e-voting, 212 voted in favour (60,63,892 votes, representing 90.41%) and 36 voted against (6,43,179 votes, representing 9.59%). The resolution was passed as an Ordinary Resolution on April 30, 2026.

Compliance and Process Overview

The postal ballot process was conducted in compliance with Section 108 and Section 110 of the Companies Act, 2013, read with the Companies (Management and Administration) Rules, 2014, and applicable MCA Circulars. Advertisements regarding the dispatch of the Notice were published in Business Standard (all editions in English) and Dinamani (Tamil edition) on Tuesday, March 31, 2026. The voting results and scrutinizer's report have been submitted to the stock exchanges as required under Regulation 44 of the Listing Regulations. The intimation was signed by Ankit Poddar, Company Secretary and Compliance Officer of Refex Industries Limited, on May 04, 2026.

Refex Industries Limited has allotted 20,057 equity shares of ₹2 each pursuant to the exercise of vested Employee Stock Options under the Refex Employee Stock Option Scheme 2021. The allotment was approved by the Nomination and Remuneration Committee of the company through a resolution passed by circulation on Friday, May 1, 2026.

Following this allotment, the issued, subscribed, and paid-up equity share capital of the company has increased from ₹27,43,98,782, divided into 13,71,99,391 equity shares of ₹2 each, to ₹27,44,38,896, divided into 13,72,19,448 equity shares of ₹2 each. The shares were allotted in dematerialized form and rank pari-passu with the existing equity shares of the company.

Key Details of ESOP Allotment

The disclosure was made under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. The total number of shares covered under the Refex Employee Stock Option Scheme 2021 is 1,00,00,000 equity shares of ₹2 each. The present disclosure relates specifically to the allotment of 20,057 equity shares made on May 1, 2026.

Financial Summary of ESOP Exercise

Exercise Price and Premium Details

The exercise price varied across different tranches of Time-based Options (TBOs). For Tranche I and II, comprising 19,279 equity shares, the exercise price was ₹20.40 per equity share with a premium of ₹18.40 per share. For Tranche III, comprising 778 equity shares, the exercise price was ₹95.00 per equity share with a premium of ₹93.00 per share. Vested options can be exercised within a period of 10 years from the date of relevant vesting, with special provisions for death or permanent incapacity of grantees.