AI assistant
Refex Industries Limited — Capital/Financing Update 2026
May 7, 2026
59267_rns_2026-05-07_56e25abe-83a6-4335-8157-3fb45c5f2be0.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
reflex
May 07, 2026
| The BSE Limited 1st Floor, New Trading Wing, Rotunda Building, Phiroze Jeejeebhoy Towers, Dalal Street, Fort Mumbai – 400001, Maharashtra, India Security Code: 532884 | The National Stock Exchange of India Limited Exchange Plaza, 5th Floor, C – 1, Block G Bandra – Kurla Complex, Bandra (E) Mumbai – 400051, Maharashtra, India Symbol: REFEX |
|---|---|
RE: Disclosure under Regulation 30 read with Schedule III to the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations").
Subject: Intimation of Lapse and Forfeiture of 1,11,70,000 Convertible Warrants issued under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("SEBI ICDR Regulations").
Dear Sir/ Ma’am,
This is in furtherance of the earlier intimations given by the Company on October 03, 2024 (Preferential Issue), October 27, 2024 (Outcome of EGM) and November 07, 2024 (Allotment), wherein we had informed you that the Company had approved issue and allotment of 81,77,068 equity shares to non-promoter category for an issue price of ₹468/- per Share and 1,11,70,000 convertible warrants to certain promoter & promoter group and non-promoter category, on preferential basis, for an issue price of ₹468/- per warrant (including face value of ₹2/- each), for an amount aggregating to ₹905,44,27,824/- (₹905.44 Crore).
In accordance with the terms of issue and Regulation 162 of the SEBI ICDR Regulations, 25% of the issue price was received upfront as the initial subscription amount at the time of allotment and the balance 75% was payable at the time of exercise of warrants within a period of 18 months from the date of allotment, i.e., on or before May 06, 2026.
Since, the Company has not received the balance 75% consideration from the warrant holders within the stipulated timeline, accordingly, the outstanding warrants have lapsed upon expiry of the exercise period, i.e., on May 06, 2026.
Consequently, with effect from May 07, 2026, the upfront subscription amount received at the time of allotment, being 25% of the issue price, amounting to ₹1,30,68,90,000/- (₹130.69 Crore) stands forfeited, in line with Regulation 169(3) of Chapter V of the SEBI ICDR Regulations.
This is further to inform you that, consequent to the lapse of the aforesaid warrants, the warrant holders shall cease to have any rights or entitlement to seek conversion into equity shares of the Company.
There will be no change in the paid-up share capital of the Company, and the amount forfeited pursuant to such lapse shall be retained by the Company and accounted for in accordance with the applicable accounting standards.
This matter will be taken up at the forth coming meeting of Board of Directors and necessary resolution will be passed in this regard.
The details as required under Regulation 30 of the SEBI Listing Regulations read SEBI Master Circular bearing reference no. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026 is provided as Annexure A.
This intimation is also available on the website of the Company https://www.refex.co.in/investors. We request you to kindly take the above on record and bring it to the notice of all concerned.
Thanking you.
Yours faithfully,
For & on behalf of Refex Industries Limited
ANKIT PODDAR
Digitally signed by ANKIT PODDAR
Date: 2026.05.07 16:35:17 +05'30'
Ankit Poddar
Company Secretary & Compliance Officer
ACS-25443
Refex Industries Limited
A Refex Group Company
CIN: L45200TN2002PLC04960I
Registered Office: 2nd Floor, No.313, Refex Towers, Sterling Road,
Valluvar Kottam High Road, Nungambakkam, Chennai, Tamil Nadu 600 034
P: 044 - 3504 0950 | E: [email protected] | W: www.refex.co.in
Corporate Office: Refex Building, 67, Bazullah Road,
Parthasarathy Puram, T Nagar, Chennai - 600 017
P: 044 - 4340 5900 | E: [email protected] | W: www.refex.co.in
reflex
Annexure-A
Details as required under Regulation 30 of the SEBI Listing Regulations read SEBI Master Circular bearing reference no. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026 are as under:
| S. No. | Particulars | Details |
|---|---|---|
| 1. | Type of securities | Convertible Warrants |
| 2. | Type of issuance | Preferential Allotment |
| 3. | Total number of warrants originally allotted | 1,11,70,000 |
| 4. | Issue price per warrant | ₹468/- |
| 5. | Date of allotment | November 07, 2024 |
| 6. | Tenure | 18 months (up to May 06, 2026) |
| 7. | Number of warrants exercised | Nil |
| 8. | Number of warrants lapsed | 1,11,70,000 |
| 9. | Names of warrant holders whose warrants have lapsed | Refer Table-I below |
| 10. | Amount forfeited | ₹130,68,90,000/- |
| 11. | Any change in capital structure | Nil |
Table-I
| S. No. | Name of Warrants Holders | Number of Warrants allotted / lapsed | Amount Forfeited (₹) (being 25% upfront consideration) |
|---|---|---|---|
| 1. | Ms. Ugamdevi Jain | 26,50,000 | 31,00,50,000 |
| 2. | Ms. Dimple Jain | 26,50,000 | 31,00,50,000 |
| 3. | Mr. Yash Jain | 26,45,000 | 30,94,65,000 |
| 4. | Mr. Dinesh Kumar Agarwal | 5,50,000 | 6,43,50,000 |
| 5. | Monarch Infraparks Private Limited | 10,68,376 | 12,49,99,992 |
| 6. | Yantra EsolarIndia Private Limited | 5,12,820 | 5,99,99,940 |
| 7. | Ms. Anushree Shah | 3,20,512 | 3,74,99,904 |
| 8. | Ms. Vrushali Shah | 3,20,512 | 3,74,99,904 |
| 9. | M/s K&K Ventures | 2,39,105 | 2,79,75,285 |
| 10. | Ms. Shah Bela | 2,13,675 | 2,49,99,975 |
| Grand Total (A+B+C) | 1,11,70,000 | 1,30,68,90,000 |
Refex Industries Limited
A Refex Group Company
CIN: L45200TN2002PLC04960I
Registered Office: 2nd Floor, No.313, Refex Towers, Sterling Road, Valluvar Kottam High Road, Nungambakkam, Chennai, Tamil Nadu 600 034 P. 044 - 3504 0950 | E: [email protected] | W: www.refex.co.in
Corporate Office: Refex Building, 67, Bazullah Road, Parthasarathy Puram, T Nagar,Chennai - 600 017 P. 044 - 4340 5900 | E: [email protected] | W: www.refex.co.in