Refex Industries Limited has completed the allotment of 69,859 equity shares under its Employee Stock Option Scheme 2021, marking a significant milestone in the company's employee incentive program. The Nomination and Remuneration Committee approved this allotment on February 27, 2026, through a resolution passed by circulation.

Share Capital Enhancement

The allotment has resulted in a substantial increase in the company's equity base. The issued, subscribed and paid-up equity share capital has grown from ₹27,42,59,064 to ₹27,43,98,782, representing the addition of 69,859 new equity shares with a face value of ₹2 each.

ESOP Exercise Details

The company realized ₹25,42,826.40 from the exercise of these stock options by eligible employees. The ESOP 2021 scheme encompasses a total of 1,00,00,000 equity shares at face value of ₹2 each, providing substantial scope for future employee participation.

Pricing Structure

The exercise involved different pricing tiers based on option categories and tranches. Time-based Options (TBOs) were exercised at ₹20.40 per equity share for 54,871 shares under Tranche I & II, and ₹95.00 per equity share for 14,983 shares under Tranche III. Performance-based Options (PBOs) were exercised at ₹14.60 per equity share for 5 shares under Tranche III.

Regulatory Compliance

The allotment complies with Regulation 30 of the SEBI Listing Obligations & Disclosure Requirements Regulations, 2015, and follows the SEBI Share Based Employee Benefits and Sweat Equity Regulations, 2021. The newly allotted equity shares will rank pari-passu with existing equity shares of the company, ensuring equal rights for all shareholders.

Share Characteristics

The allotted shares carry distinctive numbers from 13,71,29,533 to 13,71,99,391 and have been issued in dematerialized form under ISIN INE056101025. These shares are identical in all respects to existing shares and will be listed on both BSE Limited and National Stock Exchange of India Limited where the company's shares are currently traded.

Refex Industries has witnessed additional pledge of equity shares by its promoter company, as disclosed by Catalyst Trusteeship Limited in a regulatory filing dated February 27, 2026. The disclosure was made pursuant to Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Additional Share Pledge Details

Refex Holding Private Limited, the promoter-cum-holding company, pledged 50,45,816 additional equity shares of Refex Industries Limited on February 25, 2026. This pledge was created under the terms of an Unattested Securities Pledge Agreement originally dated July 30, 2025, which was subsequently amended through a deed of confirmation and amendment on February 25, 2026.

Cumulative Pledge Position

Following this additional pledge, the total encumbered shares with Catalyst Trusteeship Limited have increased significantly. The cumulative position shows a substantial portion of the company's equity now under pledge arrangements.

Debenture Trust Structure

Catalyst Trusteeship Limited is acting as the debenture trustee and common security trustee for the secured parties. The Debenture Trust Deed was originally executed on July 30, 2025, between Catalyst Trusteeship Limited and Refex Life Sciences Private Limited as the issuer, and was amended on February 25, 2026.

The primary debenture holder under this arrangement is Touchstone Trust Scheme VI, acting through its Investment Manager Touchstone Capital Limited. The agreement provides for additional persons to become debenture holders from time to time, with security over the pledged shares through the Common Security Trustee Agreement.

Company Capital Structure

Refex Industries Limited maintains its equity share capital structure unchanged following this pledge transaction. The company's capital remains at INR 27,42,59,064 divided into 13,71,29,532 equity shares of INR 2 each. However, the total diluted share capital, calculated including outstanding ESOP grants, stands at INR 30,11,59,136 divided into 15,05,79,568 equity shares of INR 2 each.

The shares of Refex Industries Limited are listed on both BSE Limited and National Stock Exchange of India Limited, ensuring transparency and regulatory compliance for all stakeholders.