Refex Holding Private Limited, the promoter of Refex Industries Limited, has disclosed the creation of pledges over a significant number of equity shares. These pledges, executed on various dates between September 21, 2026, and September 15, 2026, involve over 3.67 crore shares, representing 26.75% of the promoter’s total shareholding. The stated purpose for these encumbrances is primarily for the ‘personal use by promoters and PACs’.
Promoter Encumbers Majority of Refex Industries Shares
Refex Holding Private Limited, the promoter of Refex Industries Limited, has formally notified the stock exchanges about the creation of pledges on a substantial portion of its equity holdings in the company. This disclosure, made under SEBI regulations, highlights significant financial arrangements undertaken by the promoter.
Details of Share Pledges
According to the provided annexures, multiple encumbrance events have been recorded, with the primary creation dates spanning September 21, 2026, and extending into December 2025 and September 2026. The total number of shares pledged amounts to 3,67,02,103 shares, which constitutes 26.75% of the promoter’s total share capital of 56.56% in Refex Industries Limited. These pledges are spread across various entities, including Frazer Goods & Supply Private Limited, Infosoft Global Private Limited, Beacon Trusteeship Limited, Catalyst Trusteeship Limited, Bhansali Fincom Private Limited, and others.
Purpose of Encumbrance
The stated reason for these encumbrances across numerous transactions is consistently cited as ‘Personal use by promoters and PACs’. Several of these pledges are also noted as ‘additional margin pledge due to price fluctuation’, indicating potential ongoing financial arrangements or security adjustments.
Extensive Encumbrance Activity
The document details a comprehensive list of 15 encumbrance events, indicating a sustained period of pledging activity by the promoter. The dates range from March 21, 2024, up to September 22, 2026. The total value of shares subject to these encumbrances runs into billions of rupees, with individual amounts involved in some cases exceeding ₹335 crore and ₹435 crore. The ratio of asset cover (value of shares) to the amount involved (B) varies across these transactions, with some ratios indicating the share value being significantly higher than the borrowed amount.
The disclosure underscores a significant portion of the promoter’s holdings being utilized for personal financial purposes, as reported by Refex Holding Private Limited.
Source: BSE
