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 January ....
Awaiting price reaction for this filing.
Refex Renewables & Infrastructure Limited's 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. The pledge serves as collateral security to maintain a 2.5x security cover on Non-Convertible Debentures (NCDs) worth ₹15 Crore in total — ₹10.50 Crore issued by Refex Renewables and ₹4.50 Crore by group entity Spectrum Renewable Energy Private Limited. Post this creation, Refex Holding has 14,36,600 shares (31.94% of total share capital) pledged, representing 42.66% of the promoter's own shareholding. Total promoter group holding remains at 74.87% (33,67,425 shares), with Avyan Pashupathy Capital Advisors holding the rest with no encumbrance.
This is a creation of additional pledge (not invocation or release) tied to existing NCD obligations of the company and its subsidiary, indicating ongoing debt servicing requirements rather than financial stress. However, the security cover ratio has dropped to 1.54x (from earlier levels), reflecting a sharp fall in share price from ₹883.85 to ₹270.10 — investors should monitor if further pledges are needed to maintain the 2.5x cover.