The Exchange has received the Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011 on July ....
REFEX · price
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The promoter of Refex Industries, Refex Holding Private Limited, has created a new pledge on 1,29,28,061 shares (10.00% of share capital) on July 30, 2025. With this, total pledged shares now stand at 2,00,76,274 shares, or 15.53% of the company's share capital (up from 5.53% earlier). The pledge has been given in favour of Catalyst Trusteeship Limited as debenture trustee to secure financing for Refex Life Sciences Private Limited, a subsidiary of the promoter, through issuance of secured, unlisted, optionally convertible and non-convertible debentures of face value INR 10 lakhs each. The shares pledged were valued at around INR 529 crore against an encumbrance amount of about INR 610 crore, giving a coverage ratio of 0.87:1.
Shareholders should note that the promoter's pledged shares have nearly tripled from 5.53% to 15.53% of the company. While the pledge is for the benefit of a promoter-group subsidiary and not the listed company directly, a higher pledged stake increases the risk of margin calls or forced sale if the subsidiary's debentures face stress. This may be viewed cautiously by the market in the short term.