Refex Renewables Infrastructure , through its wholly-owned subsidiary Refex Green Power Limited (RGPL), has announced its decision to divest its entire 74% equity stake in Flaunt Solar Energy Private Limited (Flaunt). The Board of Directors of RGPL approved this divestment during a meeting held on October 14, 2025.

Key Details of the Divestment

• Buyer: Ms. Suma (non-promoter)
• Sale Price: ₹74,000 (at face value of ₹10 per share)
• Expected Completion Date: October 15, 2025

Financial Implications

The divestment follows a valuation report from a practicing chartered accountant, which determined that the fair value per equity share of Flaunt Solar is negative. This led to the decision to sell the shares at face value.

*OCRPS: Optionally Convertible Redeemable Preference Shares

Strategic Considerations

Despite the equity sale, RGPL will maintain a significant financial interest in Flaunt through Optionally Convertible Debentures (OCDs). This structure allows RGPL to retain a majority financial stake in the company on a fully diluted basis, even after the equity divestment.

The OCRPS were converted into OCDs effective July 14, 2025, following an order passed by the National Company Law Tribunal (NCLT), Bengaluru, on May 30, 2025.

Regulatory Compliance

This divestment has been disclosed in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the SEBI Master Circular dated November 11, 2024. The transaction does not fall under related party transactions, and a valuation report has been obtained to ensure transparency in the process.

The divestment of Flaunt Solar Energy, a step-down subsidiary, appears to be a strategic move by Refex Green Power Limited. While the equity stake is being sold at face value due to the negative fair value per share, the retention of financial interest through OCDs suggests that RGPL sees potential value in maintaining a connection with Flaunt Solar Energy's operations.

Refex Renewables Infrastructure , a prominent player in the renewable energy sector, has announced a significant expansion into the fertilizer manufacturing and trading business. The company's shareholders approved amendments to its Memorandum of Association at the 31st Annual General Meeting held on September 18, 2025, paving the way for this strategic diversification.

New Business Venture

The company will now engage in the production and distribution of various types of fertilizers, including:

• Chemical fertilizers
• Organic fertilizers
• Bio-based products
• Fermented Organic Manure (FOM)
• Liquid Fermented Organic Manure (LFOM)
• Phosphate Rich Organic Manure (PROM)
• Bio-fertilizers
• Bio-pesticides
• Herbal soil conditioners
• Compost
• Micronutrients
• Plant growth promoters
• Bio stimulants

These products will be available in both bulk and customized forms, catering to diverse agricultural needs.

'Biodhanic' Brand Launch

Refex Renewables plans to commercialize its organic manure products under the brand name 'Biodhanic'. This new product line is targeted at both domestic and international markets, signaling the company's ambition to establish a strong presence in the agricultural inputs sector.

Strategic Rationale

The diversification into the fertilizer business stems from the company's existing Compressed Bio-Gas (CBG) operations. The CBG production process yields nutrient-rich digestate as a byproduct, which can be further processed into high-quality organic manure. This move allows Refex Renewables to create additional value from its current operations while contributing to sustainable agricultural practices.

Environmental and Economic Benefits

By entering the organic fertilizer market, Refex Renewables aims to:

1. Enhance its revenue streams
2. Strengthen its environmental, social, and governance (ESG) credentials
3. Offer environmentally friendly alternatives to synthetic fertilizers
4. Support the growing trend towards organic and sustainable farming practices

Future Plans

The company has outlined ambitious plans for its new fertilizer business, including:

• Establishing research and development centers
• Setting up incubation units and pilot demonstration farms
• Creating soil input testing laboratories
• Collaborating with farmers, Farmer Producer Organizations (FPOs), cooperatives, and research institutions
• Developing infrastructure for composting, granulation, and fermentation of organic inputs

Market Outlook

The organic agricultural sector is experiencing significant growth, driven by increasing consumer preference for organic products and supportive government policies promoting sustainable farming practices. This trend positions Refex Renewables' new venture favorably in the market.

Regulatory Compliance

The company is currently in the process of filing the required documents for the alteration of its Object Clause. Business operations in the new segment will commence after receiving necessary approvals from the Registrar of Companies Chennai and obtaining required licenses.

Refex Renewables Infrastructure's move into the fertilizer business represents a strategic step towards diversification and sustainability. By leveraging its existing operations and tapping into the growing demand for organic agricultural inputs, the company is positioning itself for potential growth in this new market segment.