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.

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.