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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The promoter of Refex Industries, Refex Holding Pvt Ltd, has created a fresh pledge on 1.29 crore equity shares, equal to 10% of the company's total share capital. The pledge is in favour of Catalyst Trusteeship Limited (acting as debenture trustee) to secure secured, unrated, unlisted optionally convertible and non-convertible debentures (face value ₹10 lakh each) being issued by Refex Life Sciences Pvt Ltd, a subsidiary of the promoter entity. After this pledge, the promoter's total encumbered shares rise to 2.01 crore shares, or 15.53% of share capital (promoter overall holding remains 53.33%). The market value of pledged shares on July 30, 2025 was about ₹529 crore against a debt amount of ₹610 crore, giving a security cover ratio of just 0.87:1.
The pledge is being created by the promoter to back debentures raised at the promoter-subsidiary level (Refex Life Sciences), not for the listed company Refex Industries directly. However, retail investors should note that the security cover is below 1, the debentures are unrated and unlisted, and any future drop in share price could trigger margin calls or further encumbrance, increasing risk to the promoter group.