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
REFEX · price
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Refex Industries Limited's board has approved a composite scheme involving two steps: first, its wholly owned subsidiary Refex Green Mobility Limited (RGML) will merge into Refex Industries (RIL); second, the Green Mobility Business Undertaking of RIL will then be demerged into a newly incorporated company, Refex Mobility Limited (RML), which will seek separate listing on BSE and NSE. The share exchange ratio is 1:1 — shareholders of RIL will get 1 equity share of RML (face value Rs. 2) for every 1 share held in RIL, and warrants will also be allotted on a 1:1 basis. The Green Mobility division being demerged had a turnover of Rs. 289.76 crores for FY25, which is only about 1.18% of RIL's post-merger turnover, meaning the demerged piece is relatively small compared to RIL's core Ash & Coal handling business. The scheme is aimed at creating an independent listed entity for the Green Mobility business so it can attract its own set of investors, strategic partners, and capital. The scheme is subject to NCLT approval, shareholder and creditor approvals, and other regulatory clearances.
For existing RIL shareholders, the core Ash & Coal handling business will remain in the listed Refex Industries, while they will additionally receive shares of a new listed entity (RML) housing the Green Mobility business — this unlocks separate valuation for the two businesses but adds complexity. The demerged Green Mobility business is small (~1.18% of turnover), so the immediate financial impact on RIL is limited, though the long-term value depends on growth of the green mobility segment.