Catalyst Trusteeship Limited, acting as the Debenture Trustee, has disclosed the pledge of additional equity shares of Refex Industries Limited by the Promoter entity, Refex Holding Private Limited. This action was taken for the benefit of the debenture holder, Touchstone Trust Scheme VI. The pledge was formalized through amendments dated February 25, 2026, based on an original agreement from July 30, 2025. The total pledged shareholding represents 16.40% of the diluted voting capital post-acquisition.
Disclosure of Security Creation on Refex Shares
This disclosure has been made by Catalyst Trusteeship Limited (formerly GDA Trusteeship Ltd), functioning as the common security trustee to secured parties, regarding an increase in pledged equity shares of Refex Industries Limited. The shares were pledged by the Promoter entity, Refex Holding Private Limited (“RHPL”), in favor of the debenture holder, Touchstone Trust Scheme VI.
Key Transaction Details
The mode of acquisition detailed is the pledge of equity shares created pursuant to the Unattested Securities Pledge Agreement, which was amended on February 25, 2026. The effective date of this intimation concerning the security creation is also cited as February 25, 2026.
Shareholding Before and After Pledge
Prior to the current transaction, the acquirer parties held 50,45,816 shares, constituting 3.67% of the total voting capital and 3.35% of the total diluted capital.
After the acquisition (the pledging of additional shares), the total number of shares held/encumbered increased to 22,49,333 equity shares in nature of pledge/encumbrance. This new holding represents 16.40% of the total voting capital and 14.94% of the total diluted capital.
Capital Structure Figures
The total equity share capital of Refex Industries Limited before the said acquisition stood at INR 27,42,59,064 divided into 13,71,29,532 equity shares of INR 2 each. This figure remained unchanged after the transaction.
Crucially, the total diluted share/voting capital of the company after the acquisition is stated as INR 30,11,59,136 divided into approximately 15,05,79,568 equity shares (this figure includes outstanding ESOP Grants, as noted by the symbol #).
Authorization and Compliance
The disclosure is formally submitted by Catalyst Trusteeship Limited, authorized by Deesha Srikkanth, Senior Vice President, based in Mumbai, on February 27, 2026.
Source: BSE
