Intimation of Postal Ballot Notice of the Company for seeking Shareholder''s approval.
REFEX · price
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Refex Industries has issued a postal ballot notice to seek shareholder approval on two items. Item 1 is a special resolution to raise the company's investment, loan and guarantee limit under Section 186 of the Companies Act from the existing ₹2,500 Crore to ₹3,300 Crore — an increase of ₹800 Crore — mainly to support its subsidiary Venwind Refex Power Limited (VRPL). Item 2 is an ordinary resolution to approve material related party transactions with VRPL worth up to ₹2,010 Crore during FY27, comprising ₹1,400 Crore in corporate guarantees, ₹500 Crore in sale of goods/materials, ₹100 Crore in domestic lending, ₹8.5 Crore in equity investments and ₹1.5 Crore in leasing of premises. VRPL, in which Refex holds 73.28%, is a wind energy subsidiary incorporated in December 2024 with contracts for about 408 MW of wind turbine capacity but has not yet generated revenue (FY25 loss of ₹1.63 Crore). The proposed RPT value is approximately 82% of Refex's consolidated annual turnover. E-voting runs from April 1 to April 30, 2026, with results to be declared by May 5, 2026.
Shareholders are being asked to greenlight a sizable capital deployment (up to ₹3,300 Crore) and large related-party support to a young, loss-making wind energy subsidiary. Approval would give the board significant financial flexibility to fund VRPL's growth, but it also concentrates risk in a single unproven subsidiary; rejection or large dissent could limit Refex's expansion plans in the wind energy space.