The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on July 31, 2025 for Refex Holding Pvt Ltd
REFEX · price
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On the reaction day the stock moved 2.1 pts less than Nifty Microcap 250 and 1.6 pts less than its Waste Management peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Refex Industries' promoter, Refex Holding Private Limited, has created a fresh pledge on 1,29,28,061 shares (10.00% of total share capital) on July 30, 2025. This takes the promoter's total encumbered shares to 2,00,76,274 (15.53% of capital), up from the earlier 5.53%. The pledge is in favour of Catalyst Trusteeship Limited (Debenture Trustee) to back secured, unlisted, optionally convertible and non-convertible debentures (face value INR 10 lakh each) being issued by Refex Life Sciences Private Limited, a subsidiary of the promoter. The pledged shares were valued at about INR 529 crore (based on the July 30 closing price) against a debt amount of about INR 610 crore, giving a thin security cover of 0.87:1. Promoter continues to hold 53.33% of Refex Industries.
Shareholders should note that promoter-level pledging has nearly tripled, signalling the promoter group is leveraging its listed-company stake to raise capital for a subsidiary. The below-1x security cover on the pledged shares is a mild red flag, but since overall pledging remains moderate (15.53%) and promoter holding is comfortably above 50%, there is no immediate threat to control. Watch for further disclosures on the debentures and any margin shortfall triggers.