Decision of the Board of Directors on re-classification request received from one of the Promoters of the Company, for reclassification from promoter to non-promoter/public.
Awaiting price reaction for this filing.
Refex Renewables' Board, at its meeting on February 11, 2026, unanimously declined a request from promoter Avyan Pashupathy Capital Advisors Private Limited (APCAPL) to be reclassified as a public shareholder. APCAPL, which holds 30.95% of the company's voting rights, had submitted a revised reclassification request on December 9, 2025 (updating an earlier request from October 31, 2025). The Board obtained a legal opinion before deciding, and rejected the request because APCAPL's 30.95% stake exceeds the 10% ceiling mandated under SEBI LODR Regulation 31A(3)(b)(i) for any promoter seeking to move to the public category.
No change in the company's shareholding pattern — APCAPL continues to be classified as a promoter. This is a governance/administrative decision with no immediate effect on stock price, business operations, or minority shareholders.