Refex Holding Private Limited, the promoter of Refex Industries Limited, disclosed the creation of a pledge on its equity shares on February 27, 2026, adhering to Regulation 31(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations. A total of 50,45,816 shares (constituting 3.67% of total share capital) were pledged. The primary reason cited for this encumbrance is to provide collateral security for debentures issued by one of Refex Industries’ subsidiary companies.
Disclosure of Share Encumbrance by Promoter
Refex Holding Private Limited (RHPL), the promoter of Refex Industries Limited, submitted a formal disclosure regarding the creation of an encumbrance on its shareholding. This filing, dated February 27, 2026, confirms compliance with the disclosure requirements applicable to substantial share acquisitions and takeovers.
Details of the New Pledge
The latest event detailed is the Creation of a pledge on February 25, 2026. The key figures related to this new transaction are:
- Shares Pledged: 50,45,816 equity shares.
- Impact on Capital: This represents 3.67% of the total share capital.
- Beneficiary: The shares were pledged in favour of Catalyst Trusteeship Limited, acting as the debenture trustee for Touchstone Trust Scheme VI.
- Purpose: The pledge serves as collateral security for debentures issued by the subsidiary, Refex Life Sciences Pvt. Ltd.
Updated Promoter Holding Post-Pledge
Following the creation of this new pledge, the total holding of the promoter entity, RHPL, that remains unencumbered is detailed as follows:
| Metric | Total Holding | Total Encumbered |
|---|---|---|
| No. of Shares | 7,65,23,085 | 3,16,36,946 |
| % of Share Capital | 55.80% | 23.07% |
Encumbrance Structure Overview
The disclosure appendix reveals that the total encumbered shares of 3,16,36,946 stem from nine separate pledge agreements dating between March 2024 and February 2026. A significant portion of the original collateral involves debentures issued by Refex Life Sciences Private Limited, with the security cover ratios often cited significantly above 1:1 (e.g., Ratio of A/B being 3.74:1 for several transactions, and as low as 0.27:01 for one additional margin pledge).
All noted encumbrances indicate that the funds borrowed are intended for the Personal use by promoters and PACs, and none of the current or past pledges relate to debt instruments issued by the listed company itself.
Source: BSE
