Refex Renewables Completes 91.43% Acquisition of Spectrum Renewable Energy During FY26

Refex renewables infrastructure & Infrastructure Limited has successfully completed a significant acquisition in the renewable energy sector through its subsidiary company. The acquisition strengthens the company's position in the sustainable energy and waste management business.

Acquisition Details and Structure

Refex Sustainability Solutions Limited (RSSL), a wholly-owned subsidiary of Refex Renewables, completed the acquisition of 91.43% equity share capital and voting rights of Spectrum Renewable Energy Private Limited during FY26. The acquisition was structured in multiple phases to ensure smooth transition and compliance with regulatory requirements.

Parameter:	Details
Acquiring Entity:	Refex Sustainability Solutions Limited (RSSL)
Target Company:	Spectrum Renewable Energy Private Limited
Stake Acquired:	91.43% equity share capital/voting rights
Acquisition Period:	FY26
Agreement Date:	January 28, 2025
Effective Date:	February 11, 2025

Phased Acquisition Timeline

The acquisition was executed in three distinct tranches over several months, demonstrating a carefully planned approach to the transaction. Each phase was completed upon fulfillment of various conditions precedent as specified in the Share Purchase Agreement.

Acquisition Phase:	Stake Percentage	Completion Date
First Tranche:	26.07%	August 05, 2025
Second Tranche:	45.98%	August 08, 2025
Third Tranche:	19.38%	March 30, 2026
Total Acquired:	91.43%	FY26

Target Company Operations

Spectrum Renewable Energy Private Limited operates in the sustainable energy sector with focus on waste-to-energy solutions. The company's business model aligns with the growing emphasis on circular economy and sustainable waste management practices.

Key Business Activities:

Generation of Compressed Bio-Gas (CBG) from biodegradable wastes
Production of organic manure from press-mud and other organic waste materials
Operations based at Warananagar, Kolhapur facility

Future Plans and Compliance

RSSL intends to acquire the remaining 8.57% equity stake in Spectrum Renewable Energy as per the original Share Purchase Agreement. This future acquisition will be subject to necessary compliance requirements and conditions specified in the agreement. The completion of the remaining stake acquisition would result in 100% ownership of the target company.

The acquisition details required under Schedule III to the SEBI Listing Regulations were previously disclosed in the company's announcement dated February 12, 2025, ensuring full regulatory compliance and transparency for stakeholders.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+4.98%	+0.18%	-17.02%	-67.59%	-64.10%	+389.78%

Refex renewables infrastructure has announced the grant of Employee Stock Options (ESOPs) to eligible employees under its established stock option scheme. The company's Nomination & Remuneration Committee approved this employee benefit initiative during its meeting on February 11, 2026.

ESOP Grant Details

The committee approved the allocation of 10,942 ESOPs to 5 eligible employees of the company and its subsidiaries or associates. This grant forms part of the total ESOP pool of 4,48,990 equity shares under the RRIL ESOS 2022 scheme, which complies with the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.

Parameter:	Details
Total ESOPs Granted:	10,942
Number of Recipients:	5 eligible employees
Total ESOP Pool:	4,48,990 equity shares
Face Value per Share:	₹10
Conversion Ratio:	1 ESOP = 1 equity share

Pricing Structure and Exercise Terms

The ESOPs feature a dual pricing structure based on performance criteria. The exercise prices were calculated using the closing price of ₹281.70 on February 10, 2026, the last trading day before the grant.

Option Type:	Allocation	Exercise Price	Discount
Time-Based Options:	30% of total grants	₹197	30% discount
Performance-Based Options:	70% of total grants	₹141	50% discount

Vesting and Exercise Timeline

The granted options follow a structured vesting schedule designed to retain talent and align employee interests with company performance. The ESOPs will vest after a minimum period of one year from the grant date, following a 5-year vesting schedule.

Key timeline features include:

Minimum Vesting Period: One year from grant date
Exercise Window: 10 years from the date of relevant vesting
Special Provisions: In cases of death or permanent incapacity, ESOPs vest immediately without the minimum one-year requirement

Regulatory Compliance

The ESOP grant operates under the RRIL ESOS 2022 scheme and adheres to SEBI regulations. The disclosure was made in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency for stakeholders and regulatory authorities.

The company filed this disclosure with BSE Limited under security code 531260, providing comprehensive details as required by SEBI's Master Circular dated January 30, 2026. This ESOP grant represents the company's commitment to employee retention and performance-based compensation structures.