Refex Industries Limited has announced the lapse of 1,11,70,000 convertible warrants following the expiration of the May 06, 2026 exercise deadline. Since the holders did not pay the remaining 75% balance of the issue price, the company has forfeited the initial 25% subscription amount, totaling ₹130.69 crore. This action results in no change to the company’s paid-up share capital, and the warrant holders have lost all rights to convert these instruments into equity shares.
Background of the Issuance
In November 2024, Refex Industries initiated a preferential allotment process involving 1,11,70,000 convertible warrants at an issue price of ₹468 per warrant. Investors were required to pay 25% of this amount upfront, with the remaining 75% balance due within an 18-month window. That exercise period officially concluded on May 06, 2026.
Impact of Warrant Lapse
Due to the non-payment of the final installment, the warrants have lapsed as of May 06, 2026. Consequently, the company has formally forfeited the ₹130.69 crore initially collected from the warrant holders. This forfeited amount will be retained by the company and processed in accordance with established accounting standards.
List of Affected Warrant Holders
The forfeiture affects several key investors who held these warrants. Major participants included Ms. Ugamdevi Jain and Ms. Dimple Jain, who each forfeited ₹31 crore, and Mr. Yash Jain, who forfeited ₹30.94 crore. Other entities impacted include Monarch Infraparks Private Limited, Yantra EsolarIndia Private Limited, and various individual and institutional investors. All affected parties have now lost their rights to claim equity conversion, and the company has confirmed that this event will not affect its existing paid-up share capital structure.
Source: BSE
