Disclosure under Regulation 30 of the Securities and Exchange Board of India (ListingObligations and Disclosure Requirements) Regulations, 2015 - Increase in shareholding in Subsidiary Company, Venwind Refex Power Limited
REFEX · price
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Refex Industries has raised its stake in its subsidiary Venwind Refex Power Limited (VRPL) from 67% to 75.50%, an increase of 8.50 percentage points. The hike was done by converting roughly ₹59.93 crore of an existing inter-company loan into 34,693 new equity shares of VRPL, issued at a face value of ₹10 with a premium of ₹17,265 per share. No fresh cash was put in by Refex; it is purely a debt-to-equity restructuring within the group. VRPL is a newly incorporated (December 2024) wind power subsidiary that has not yet started generating revenue (FY25 turnover: Nil). The move is intended to clean up VRPL's balance sheet, lower its debt-equity ratio, and support its future growth in the wind power business.
No immediate cash impact for Refex shareholders since this is an internal loan conversion rather than a new investment. The long-term effect depends on how successfully the wind power subsidiary scales up and begins generating returns.