Intimation of Lapse & Forfeiture of Convertible Warrants Issued Under SEBI (Issue Of Capital And Disclosure Requirements) Regulations, 2018
REFEX · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Refex Industries announced that all 1,11,70,000 convertible warrants (issued in November 2024 at ₹468 per warrant) have lapsed as holders failed to pay the remaining 75% consideration before the May 6, 2026 deadline. The warrants were part of a ₹905.44 Crore preferential issue. No warrant holder exercised conversion rights, meaning zero equity dilution occurred. The company forfeits the upfront 25% subscription amount of ₹130.69 Crore, which will be retained as per SEBI ICDR regulations. The paid-up capital remains unchanged.
Neutral to slightly negative: Shareholders are protected from dilution since no warrants converted to equity. However, the company lost access to ₹674.75 Crore in potential capital, and the forfeited ₹130.69 Crore (though retained) represents only a partial recovery from a failed fundraising.