Refex Holding Private Limited, the promoter of Refex Industries Limited , has created a pledge over 35,00,000 equity shares to secure margin trading funding. The disclosure, submitted to the stock exchanges on July 06, 2026, confirms that the shares were pledged in favor of Axis Securities Limited between June 25, 2026, and June 30, 2026. This transaction increases the promoter's total encumbered shareholding to 24.61% of the company's paid-up capital.

The filing was made pursuant to Regulation 31(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. It details that the specific purpose of the encumbrance is margin pledge and margin trading funding for trading on the stock exchange. The value of the shares on the date of the agreement was ₹124,67,00,000, against an amount involved of ₹40,00,00,000, resulting in a security cover ratio of 3.12:1.00.

Shareholding Details

The promoter, Refex Holding Private Limited, holds a total of 7,76,23,085 shares, which constitutes 56.57% of the total share capital of Refex Industries Limited. Following the latest pledge, the total number of encumbered shares held by the promoter stands at 3,37,76,529, representing 24.61% of the total share capital. The document confirms that while the encumbered shares constitute 20% or more of the total share capital, they do not account for 50% or more of the promoter's total shareholding.

Background of Encumbrances

The disclosure outlines a history of encumbrances dating back to March 2024, involving various entities such as Beacon Trusteeship Limited, Catalyst Trusteeship Limited, and Bhansali Fincom Private Limited. These previous pledges were primarily for personal use by promoters and Persons Acting in Concert (PACs), with some relating to debt instruments issued by Refex Life Sciences Private Limited. The latest pledge to Axis Securities Limited marks the 14th encumbrance event disclosed by the promoter.

Refex Industries Limited will convene meetings of its equity shareholders, secured creditors, and unsecured creditors on August 5, 2026, to consider and approve a composite scheme of amalgamation and arrangement involving its subsidiaries, Refex Green Mobility Limited and Refex Mobility Limited. The meetings, ordered by the National Company Law Tribunal (NCLT), Chennai Bench, are scheduled to be held through Video Conferencing (VC) and Other Audio Visual Means (OAVM) for shareholders, and via physical mode for creditors at the company's registered office in Chennai. The scheme proposes the amalgamation of Refex Green Mobility Limited, a wholly owned subsidiary, with Refex Industries Limited, followed by the demerger of the green mobility business undertaking into Refex Mobility Limited.

The composite scheme aims to unlock value by creating an independent entity focused on green mobility, allowing for sharper management focus and distinct capital market access. As part of the arrangement, the entire share capital of Refex Green Mobility Limited held by Refex Industries Limited will be cancelled. For the demerger, Refex Mobility Limited will issue one fully paid-up equity share of ₹2 each for every one equity share of ₹2 each held by shareholders of Refex Industries Limited. The statutory auditors of the respective companies have certified that the accounting treatment proposed in the scheme conforms with the Accounting Standards prescribed under the Companies Act, 2013. A fairness opinion has been issued by M/s Kroll Advisory Private Limited, and a share entitlement ratio report has been provided by M/s. SSPA & Co., Chartered Accountants.

Meeting and Voting Details

The meetings follow an order dated June 18, 2026, from the Hon’ble NCLT. Mr. U.K. Singh has been appointed as the Chairperson, and Mr. Kishore P has been appointed as the Scrutinizer for the meetings of Refex Industries Limited. Mr. B.S.V Prakash Kumar has been appointed as the Chairperson for the meetings of Refex Green Mobility Limited. The equity shareholders meeting is set for 11:00 AM IST, while the meetings for secured and unsecured creditors of Refex Industries Limited are scheduled for 11:30 AM IST and 12:00 PM IST respectively. The meetings for secured and unsecured creditors of Refex Green Mobility Limited are scheduled for 10:00 AM IST and 10:30 AM IST respectively.

Remote e-voting for equity shareholders will commence on August 2, 2026, at 9:00 AM IST and conclude on August 4, 2026, at 5:00 PM IST. The cut-off date for e-voting is July 31, 2026. The resolution requires approval by a majority in number representing three-fourths in value of the equity shareholders present and voting. The scheme is subject to the final sanction of the NCLT and other required regulatory approvals. The notice and explanatory statement, along with relevant annexures containing audited financial statements and board reports, are available on the company’s website.