Refex Renewables Infrastructure 's Board of Directors has decided to seek legal counsel before making a decision on a promoter reclassification request, as announced in a regulatory filing on November 10, 2025.

The request came from Avyan Pashupathy Capital Advisors Private Limited (APCAPL), a significant promoter holding 13,91,869 equity shares, representing 30.95% of the company's voting share capital. APCAPL has asked to be reclassified from the 'promoter' category to the 'public' category in Refex Renewables Infrastructure's shareholding pattern.

Board's Response

The Board noted that APCAPL's request did not specify how it meets the pre-conditions set out in Regulation 31A(3)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. To ensure compliance with these regulations, the Board has instructed the Compliance Officer to obtain a legal opinion on the matter.

Key Points

• The reclassification request was received by the company on November 03, 2025.
• APCAPL currently holds a 30.95% stake in the company.
• The Board is seeking legal advice on available courses of action.
• The decision will be made in compliance with SEBI LODR Regulations.

This move by the Board demonstrates a cautious approach to corporate governance, ensuring that any changes in promoter classification adhere to regulatory requirements. The outcome of this request could potentially impact the company's shareholding structure and investor perceptions.

The company has stated that it will follow due process as required under the regulations regarding this request. The final decision on the reclassification will be made after receiving and considering the legal opinion.

Refex Renewables Infrastructure Limited , a company in the renewable energy sector, has received a significant request from one of its major shareholders. Avyan Pashupathy Capital Advisors Private Limited, currently classified as a promoter, has asked to be reclassified into the public category in the company's shareholding pattern.

Request Details

Avyan Pashupathy Capital Advisors Private Limited, holding a substantial stake in Refex Renewables Infrastructure Limited, submitted a reclassification letter dated October 31, 2025. The company received this request on November 3, 2025. The shareholder's current position is as follows:

Regulatory Compliance

Refex Renewables Infrastructure Limited has stated that it will adhere to the due process required under the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements (LODR) Regulations to review this request. The company has formally intimated the BSE Limited about this development on November 4, 2025, in compliance with Regulation 30 read with 31A(8)(a) of the SEBI LODR Regulations.

Next Steps

The company will now follow the prescribed procedures, which include:

1. Confirming the completeness of the reclassification request
2. Reviewing the request in accordance with SEBI LODR Regulations
3. Potentially seeking board and shareholder approvals, if required
4. Submitting necessary applications to stock exchanges

It's important to note that this reclassification, if approved, could significantly alter the shareholding structure of Refex Renewables Infrastructure Limited. However, the final outcome will depend on the regulatory review process and any subsequent approvals required.

Shareholders and potential investors should keep an eye on further announcements from the company regarding the progress of this reclassification request, as it may have implications for the company's ownership structure and governance.