Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 - Acquisition of equity shares in Venwind Refex Power Limited, a subsidiary, pursuant to conversion of Optional Convertible Debentures
REFEX · price
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Refex Industries has converted Class B Optional Convertible Debentures (OCDs) worth ₹43 crore in its subsidiary Venwind Refex Power Limited (VRPL) into 24,866 equity shares at a face value of ₹10 plus a premium of ₹17,283 per share. This conversion increased Refex's stake in VRPL from 73.28% to 77.39%, a rise of 4.11%. VRPL is a recently incorporated (December 2024) wind power subsidiary with nil turnover in FY2024-25. The company clarified that no fresh capital was infused, as the transaction involved converting existing debt instruments into equity to strengthen the subsidiary's capital structure and improve its debt-equity ratio.
This is a non-cash, internal restructuring move that increases Refex's ownership in its wind energy subsidiary without any fresh capital outlay. For shareholders, it signals continued commitment to the renewable energy business but has no direct financial impact on Refex's standalone books since no new money is being deployed.