Reflex Renewables & Infrastructure Limited has approved the re-classification of Avyan Pashupathy Capital Advisors Private Limited (APCAPL) from the promoter category to the public category. The Board of Directors sanctioned this move during its meeting on August 20, 2026, following an inter-se transfer of shares completed on August 14, 2026.

APCAPL transferred its entire stake of 13,91,869 equity shares, representing 30.94% of the paid-up equity share capital, to Reflex Holding Private Limited. Consequently, APCAPL now holds nil equity shares in the company. The Board determined that the request complies with clause (b) of sub-regulation (3) of Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Regulatory Compliance and Shareholder Exemption

The re-classification is exempt from obtaining shareholder approval via ordinary resolution. This exemption applies because APCAPL, along with persons related to it, holds 0% of the total voting rights in the company following the disposal of its entire shareholding. The company confirmed compliance with the minimum public shareholding requirement under Regulation 38 both before and after the proposed change.

Next Steps

The Board has authorized Company Secretary & Compliance Officer Vinay Aggarwal to submit an application to BSE Limited seeking no-objection for the proposed change. The re-classification is subject solely to this regulatory clearance. Post-re-classification, APCAPL will comply with conditions specified under Regulation 31A(4)(a) and (b).

Shareholding Pattern Impact

The following table outlines the promoter and promoter group shareholding before and after the proposed re-classification:

What the Numbers Show

The consolidation of the 30.94% stake from Avyan Pashupathy Capital Advisors into Reflex Holding Private Limited simplifies the promoter group structure without altering the total promoter holding percentage, which remains at 74.87%. This internal transfer suggests a strategic alignment of ownership within the promoter circle rather than a dilution of control or a change in overall promoter commitment to the listed entity.

Refex Renewables & Infrastructure Limited (RRIL) has formally concluded its prolonged legal disputes with Silres Energy Solutions Private Limited (SILRES), with the National Company Law Tribunal (NCLT), Chennai Bench, disposing of all related petitions on August 17, 2026. The tribunal’s order, received by the company on August 19, 2026, marks the final closure of the Corporate Insolvency Resolution Process (CIRP) against its step-down subsidiary Sherisha Solar LLP (SS-LLP) and an oppression and mismanagement petition filed by RRIL.

The resolution follows definitive agreements executed on August 14, 2026, pursuant to a Binding Memorandum of Understanding (MOU) approved by RRIL’s Board on August 7, 2026. Under the settlement, SS-LLP paid ₹16,51,26,975 as a full and final settlement against an outstanding loan liability of ₹33,39,39,339. In return, SILRES withdrew its Section 7 IBC petition before the NCLT. Additionally, SS-LLP withdrew its counter-application under Section 65 of the IBC, and RRIL withdrew its petition under Sections 241 and 242 of the Companies Act, 2013.

Key Settlement Components

The agreement involved multiple corporate actions to restructure relationships between the entities. These actions were completed upon execution of the definitive agreements.

Corporate Restructuring Actions

As part of the broader framework, RRIL transferred its wholly-owned subsidiary, Ishaan Solar Power Private Limited, to SILRES for ₹3,92,58,420. This transaction included the entire share capital of SEI Tejas Private Limited. Effective August 14, 2026, these entities ceased to be subsidiaries of RRIL. The divestment was driven by misalignment with RRIL’s core segments and lack of revenue generation. SEI Tejas had fully eroded net worth as at March 31, 2025, leading to liquidation-basis financial results and qualified audit reports since FY19.

RRIL also transferred its 0.064% equity shareholding in SILRES to Avyan Pashupathy Capital Advisors Private Limited for ₹10,00,000 and assigned all rights to the "SUNEDISON" trademarks to SILRES for ₹1,00,00,000. These trademarks had not been used since RRIL changed its name from SunEdison Infrastructure Limited on October 25, 2022.

What the Numbers Show

The settlement resolves the insolvency threat at approximately 49% of the total loan liability of ₹33,39,39,339. By paying ₹16,51,26,975, RRIL prioritizes immediate liquidity preservation over pursuing full recovery through protracted litigation. The inclusion of non-cash considerations, such as the transfer of Ishaan Solar and unused trademarks, facilitates a clean separation of business interests, reducing future legal entanglements and clarifying ownership structures within the group.