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.

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.