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 Renewables & Infrastructure Limited has received relief from the Securities Appellate Tribunal (SAT) regarding the penalty imposed by the Securities and Exchange Board of India (SEBI) on its Promoter & Non-Executive Director. The tribunal has granted a conditional stay on the recovery of the penalty in an insider trading case related to Refex Industries Limited scrip.

SAT Order Details

The Securities Appellate Tribunal issued an order on February 13, 2026, granting a stay on the recovery of penalty under SEBI's adjudication order dated December 12, 2025. The stay comes with specific conditions that must be fulfilled within a stipulated timeframe.

Background of the Case

SEBI had passed an adjudication order on December 12, 2025, imposing a penalty on Mr. Anil Jain, who serves as Promoter & Non-Executive Director of Refex Renewables & Infrastructure Limited. The penalty was related to alleged insider trading activities of certain entities in Refex Industries Limited scrip. Following this order, Mr. Jain filed an appeal before the Securities Appellate Tribunal challenging SEBI's decision.

Regulatory Compliance and Disclosure

Refex Renewables & Infrastructure Limited has fulfilled its disclosure obligations under Regulation 30 of the SEBI Listing Regulations. The company provided comprehensive details about the SAT communication and its implications through a formal disclosure to BSE Limited.

Impact Assessment

The company has clearly stated that this development will have no financial, operational, or monetary impact on Refex Renewables & Infrastructure Limited. The stay order specifically relates to the penalty imposed on Mr. Anil Jain in his individual capacity as Promoter & Non-Executive Director, rather than on the company itself.

The conditional nature of the stay requires Mr. Jain to deposit 50% of the penalty amount with SEBI within four weeks from February 13, 2026, to maintain the stay on recovery proceedings. This arrangement provides temporary relief while the appeal process continues before the Securities Appellate Tribunal.