Intimation under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Refex Industries Limited s ( Company ) Composite Scheme of Amalgamation and Arrangements including Merger/Demerger

Demerger Ratio AnnouncedNclt Scheme FiledStrategic Transactions View source PDF Explain this filing

REFEX · price

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Price reactionminutes from the announcement price · days from the prior close

+15.6%Reaction day

₹339.00

prior close

₹348.00

announcement price

After-mkt

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Nifty Microcap 250market · index membership as recorded later (tracked since Jun 2026)-0.3%+15.9% vs market

Waste Management peers, median of 6sector+0.5%+15.1% vs sector

On the reaction day the stock moved 15.9 pts more than Nifty Microcap 250 and 15.1 pts more than its Waste Management peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

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Reaction day

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Next day

+17.6-0.6+18.2-1.1+18.7

+13.4-1.7+15.1-0.4+13.8

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UpDownMarket · Nifty Microcap 250Sector · Waste Management peers, median of 6Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

Refex Industries Limited (RIL) has approved a Composite Scheme involving three steps: (1) Merger of its wholly owned subsidiary Refex Green Mobility Limited (RGML) into RIL, (2) Demerger of the Green Mobility Business Undertaking from RIL into a newly incorporated company, Refex Mobility Limited (RML), and (3) Independent listing of RML on BSE and NSE. The share exchange ratio is 1:1, meaning shareholders of RIL will receive one equity share of RML for every share held in RIL. The Green Mobility division being demerged had a turnover of Rs. 2,897.62 Lakhs, representing only 1.18% of RIL's post-merger turnover (Rs. 2,43,001.62 Lakhs standalone). RML was incorporated on September 12, 2025 and currently has no operations. The scheme is subject to NCLT approval, shareholder and creditor approvals, and other regulatory clearances.

Likely market impact

This is a structural restructuring to unlock value by spinning off the Green Mobility business as a separate listed entity, allowing each business to attract distinct investor bases. For shareholders, this means they will hold shares in both RIL (Ash & Coal handling focus) and the newly listed RML (Green Mobility focus) post the scheme's effectiveness. The demerged division is small relative to RIL's overall business, so the immediate financial impact on RIL shareholders is limited, though the long-term value-unlocking rationale is the key driver behind this move.