Divestment of entire 74% equity stake held in Flaunt Solar Energy Private Limited, a step-down subsidiary.
Awaiting price reaction for this filing.
Refex Renewables & Infrastructure, through its wholly-owned subsidiary Refex Green Power Limited (RGPL), is selling its entire 74% stake in Flaunt Solar Energy Private Limited to Ms. Suma, an unrelated buyer. The consideration is just ₹74,000, equal to the face value of the shares. A chartered accountant's valuation report pegs the fair value per equity share at a negative number, which is why the stake is being offloaded at face value. Flaunt contributed only about 6% (~₹3.9 crore) of the company's turnover in FY25, with a net worth of ₹10.06 crore (including OCRPS). RGPL will keep a majority financial interest in the business via Optionally Convertible Debentures (OCDs). The transaction is expected to close on October 15, 2025, and is not a related-party deal.
Minimal direct financial impact for shareholders since the equity being sold is effectively zero or negative in fair value, and the company retains economic exposure through OCDs. The move helps clean up the group structure by exiting a loss-making or zero-value solar subsidiary, which is mildly positive from a portfolio rationalisation standpoint.