The Exchange has received Disclosure under Regulation 31(1) and 31(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 on January 29, 2026 for Refex Holding Pvt Ltd
Awaiting price reaction for this filing.
Promoter Refex Holding Private Limited has created a new pledge of 5,68,000 shares (12.63% of total share capital) on January 27, 2026, in favor of Catalyst Trusteeship Limited acting as debenture trustee for Northern Arc Emerging Corporates Bond Trust. This pledge serves as collateral security to maintain a 2.5x security cover on NCD borrowings of ₹10.50 Crore by the company and ₹4.50 Crore by its subsidiary Spectrum Renewable Energy Private Limited. After this creation, total pledged shares stand at 14,36,600 (31.94% of paid-up capital), against Refex Holding's individual holding of 19,75,556 shares (43.93%). The encumbered shares now represent about 42.66% of total promoter shareholding, which is still below the 50% threshold but above 20% of total share capital.
This is a new pledge creation, not an invocation or sale, so there is no immediate selling pressure. However, rising pledged share levels increase financial risk for promoters — if the NCD obligations cannot be met, lenders could invoke the pledge and trigger forced selling in the market.