Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Redemption of Optional Convertible Debentures and acquisition of equity shares pursuant to conversion of loan
REFEX · price
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Refex Industries announced that its subsidiary Venwind Refex Power Limited (VRPL) has redeemed Optional Convertible Debentures (OCDs) worth ₹3 crore held by Refex, in line with the original terms of issue. Additionally, VRPL has converted an outstanding unsecured loan of ₹4.85 crore extended by Refex into equity shares at a fair value of ₹17,523 per share, allotting 2,768 shares with a face value of ₹10 and a premium of ₹17,513. As a result, Refex's stake in VRPL has risen marginally from 77.39% to 77.77% (an increase of 0.38%). VRPL is a recently incorporated (December 2024) wind power subsidiary with no revenue yet, and the conversion is aimed at strengthening its capital structure and improving its debt-equity ratio.
This is an internal restructuring within the Refex group, with no fresh capital infusion and only a marginal change in subsidiary ownership. It should have minimal direct impact on Refex Industries' consolidated financials or stock price, though it slightly improves the financial stability of its wind power subsidiary.