Refex Renewables & Infrastructure Limited announced on August 08, 2026, that Refex Holding Private Limited (RHPL) has acquired a 30.94% stake in the company through an inter-se transfer of shares from fellow promoter entity Avyan Pashupathy Capital Advisors Private Limited (Avyan). The transaction involves 13,91,869 equity shares with a face value of ₹10 each, consolidating holding within the promoter group without altering total promoter ownership.

The intimation, dated August 07, 2026, was filed under Regulation 10(5) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The transfer is executed in accordance with Regulation 10(1)(a)(ii), which permits transfers among promoter and promoter group entities without triggering open offer obligations. Definitive agreements are being finalized to formalize the transaction.

Transaction Details

Following the completion of the share transfer, Refex Renewables & Infrastructure Limited will initiate the re-classification of Avyan Pashupathy Capital Advisors Private Limited from the promoter category. This re-classification is subject to approval by the stock exchange and shareholders, as mandated under Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company stated it would make further disclosures upon execution of definitive agreements.

What This Means for Shareholders

The inter-se transfer does not change the aggregate promoter holding in Refex Renewables & Infrastructure Limited but alters the composition of entities within the promoter group. For shareholders, the key implication is the potential change in voting power dynamics within the promoter circle, as RHPL assumes direct ownership of the shares previously held by Avyan. The re-classification process requires shareholder approval, ensuring transparency in the change of promoter status for Avyan Pashupathy Capital Advisors.

Refex Renewables & Infrastructure Limited (RRIL) has entered into a binding Memorandum of Understanding (MOU) with Silres Energy Solutions Private Limited (SILRES) to resolve ongoing legal disputes and withdraw insolvency proceedings filed against its subsidiary, Sherisha Solar LLP (SS-LLP). The settlement, approved by RRIL’s Board of Directors via circular resolution on August 07, 2026, involves SS-LLP paying a full and final settlement amount of ₹16,51,26,975 against an outstanding loan liability of ₹33,39,39,339. Upon receipt of this amount, SILRES will withdraw the petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, before the National Company Law Tribunal (NCLT), Chennai Bench. This resolution marks a strategic step in de-risking the company’s subsidiary structure after prolonged litigation initiated in November 2025.

The settlement follows interim directions from the NCLT dated January 30, 2026, which ordered the parties to explore amicable solutions. In response to the insolvency petition, SS-LLP had previously filed an application against SILRES under Section 65 of the Insolvency and Bankruptcy Code, 2016, which will also be withdrawn as part of this agreement. The MOU aims to conclude all related litigations and implement specific corporate actions previously disclosed by the company.

Key Settlement Components

The resolution includes several corporate actions beyond the cash settlement, designed to restructure relationships between the entities involved. These actions are subject to definitive agreements and necessary regulatory approvals.

Corporate Restructuring Actions

As part of the broader settlement framework, RRIL will transfer its wholly-owned subsidiary, Ishaan Solar Power Private Limited, to SILRES for a mutually agreed consideration of ₹3,92,58,420. It is pertinent to note that Ishaan Solar holds the entire share capital of SEI Tejas, a wholly-owned subsidiary of Ishaan Solar. Additionally, RRIL will transfer its 0.064% equity shareholding (on a fully diluted basis) in SILRES to Avyan Pashupathy Capital Advisors Private Limited for ₹10,00,000.

The company will also transfer the "SUNEDISON" trademarks to SILRES for ₹1,00,00,000. These trademarks have not been used by RRIL since the company changed its name from SunEdison Infrastructure Limited to Refex Renewables & Infrastructure Limited on October 25, 2022. Concurrently, RRIL will withdraw its Oppression & Mismanagement petition filed against SILRES under Sections 241 and 242 of the Companies Act, 2013, before the NCLT, Chennai Bench.

What the Numbers Show

The settlement reflects a significant discount on the outstanding debt, with SS-LLP paying approximately 49% of the total loan liability of ₹33,39,39,339 to resolve the insolvency threat. This approach prioritizes immediate liquidity preservation and operational stability over pursuing full recovery through protracted legal battles. The inclusion of asset transfers—such as Ishaan Solar and unused trademarks—suggests a comprehensive restructuring aimed at cleanly separating business interests between RRIL and SILRES, thereby reducing future legal entanglements and clarifying ownership structures within the group.