Promoter creates fresh pledge over its shares; encumbered holding now 3,98,76,710 shares (29.06%)
Promoter Refex Holding Private Limited has reported creation of a pledge over equity shares it holds in the company, with the creation dated 26.10.2026.
By ScoutQuest · · 3 min read
- Encumbered shares after creation
- 3,98,76,710 shares, 29.06% of total share capital
- Encumbered as % of promoter holding
- 51.37% of promoter's total holding of 7,76,23,085 shares (56.56%)
- Largest single pledge block
- 11,65,000 shares (0.85%) in favour of Sua Explosives and Accessories Private Limited
What the update discloses
The promoter, Refex Holding Private Limited, has reported creation of a pledge over equity shares it holds in the company, with the creation dated 26.10.2026. The disclosure is made under Regulation 31(1) and 31(2) of the SEBI (SAST) Regulations, 2011, and lists both this event and the promoter's existing encumbrances.
Promoter holding and encumbrance
- Promoter holding: 7,76,23,085 shares, 56.56% of total share capital
- Already encumbered before this event: 3,67,64,272 shares, 26.79%
- After the creation reported here: 3,98,76,710 shares, 29.06%
- Encumbered shares as a % of promoter shareholding: 51.37%
- The update confirms encumbered shares are 50% or more of promoter shareholding and 20% or more of total share capital
Shares covered in this creation, by entity
- Minecs Finvest Private Limited: 95,238 shares (0.07%)
- S Jogani Exports Private Limited: 1,90,476 shares (0.14%)
- KRChoksey Financial Services Private Limited: 75,238 shares (0.05%)
- Bhansali Fincom Private Limited: 74,405 shares (0.05%)
- Northern Arc Capital Limited: 4,53,368 shares (0.33%)
- Shivangini Properties Private Limited: 1,90,476 shares (0.14%)
- Frazer Goods & Supply Private Limited: 95,238 shares (0.07%)
- Beacon Trusteeship Limited: 4,87,285 shares (0.36%)
- Sua Explosives and Accessories Private Limited: 11,65,000 shares (0.85%)
- Hind Filters Private Limited: 95,238 shares (0.07%)
- Infosoft Global Private Limited (2 facilities): 1,90,476 shares (0.14%)
Stated reason
The reason given for this creation is "personal use by promoters and PACs".
Promoter group holding
Only Refex Holding Private Limited holds shares among the named promoters and PACs. Refex Family Trust, Mr. Tarachand Jain, Ms. Ugamdevi Jain, Mr. Anil Jain, Ms. Dimple Jain and Mr. Yash Jain are each shown with 0 shares. The group total is 7,76,23,085 shares (56.56%), of which 3,98,76,710 shares (29.06%) are encumbered.
Other encumbrances listed
The update also sets out the promoter's existing pledges, several of which are described as additional margin pledges made because of price movement in the underlying shares.
- Encumbrance No. 1 dated 21.03.2024: 24,58,213 shares (1.79%) in favour of Beacon Trusteeship Limited for the benefit of Vivriti Capital Limited; shares valued at ~₹34.13 crore (@ ₹138.86/share) against an amount of ₹40 crore
- Encumbrance No. 2 dated 30.07.2025: 1,29,28,061 shares (9.42%) in favour of Catalyst Trusteeship Limited for the benefit of Touchstone Trust Scheme VI; shares valued at ~₹580.21 crore (@ ₹448.80/share) against an amount of ₹335 crore. This is linked to secured, unrated, unlisted optionally convertible and non-convertible debentures of face value of ₹ 10 lakh each issued by Refex Life Sciences Private Limited
- Encumbrance No. 6 dated 25.06.2026 to 30.06.2026: 35,00,000 shares (2.55%) in favour of Axis Securities Limited; shares valued at ₹124.67 crore (@ ₹356.20/share) against an amount of ₹40 crore
- Encumbrance No. 7 dated 10.08.2026: 20,90,000 shares (1.52%) in favour of Northern Arc Capital Limited, with a further 2,68,491 shares (0.20%) pledged on 11.09.2026 as an additional pledge due to price fluctuation in respect of the same facility
- Encumbrance No. 15 dated 29.09.2026-30.09.2027: 4,13,002 shares (0.30%) in favour of Beacon Trusteeship Limited for Vivriti Capital Limited, described as an additional pledge in respect of Encumbrance No. 1, taking that block from 24,58,213 to 28,71,215 shares; this additional pledge is stated to be made to meet a security cover of 1.87%
What this means for a reader
A pledge means the promoter has offered these shares as security to a lender. The shares continue to be held by the promoter, but if the borrowing is not serviced, the lender can enforce the security. The update shows the encumbrance is a large slice of the promoter's holding and the stated end use is personal use by the promoters and PACs, not a fund raise by the listed company. The asset cover figures for each facility show how much share value stands behind each borrowing at the stated per-share price.
Quick recap
- Fresh pledge created on 26.10.2026 across 11 entities
- Encumbered shares after the event: 3,98,76,710, or 29.06% of total share capital
- That is 51.37% of the promoter's own holding
- Reason stated: personal use by promoters and PACs
Also from Refex Industries
Q2 FY27 call: ready-mix concrete foray, first plant at Pune, wind turbine supplies to 3 customers
2 Nov 2026
Promoter creates pledge; encumbered shares rise to 3,98,76,710 (29.06% of capital)
30 Oct 2026
Refex Industries posts audio recording of Q2/H1 FY27 earnings call held October 29, 2026
29 Oct 2026
More numbers
- Promoter holding - shares7,76,23,085
- Promoter holding - % of paid-up share capital56.56
- Encumbered shares after the event3,98,76,710
- Encumbered shares - % of total share capital29.06
- Encumbered shares before the event3,67,64,272
- Encumbered shares as % of promoter shareholding51.37%
- Largest single pledge in this creation - Sua Explosives11,65,000
- Additional pledge in respect of Encumbrance No. 14,13,002
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