Refex Industries532884Promoter pledge update

Promoter creates pledge; encumbered shares rise to 3,98,76,710 (29.06% of capital)

Promoter Refex Holding Private Limited created a pledge over its equity shares on 26.10.2026, citing personal use by promoters and PACs.

By ScoutQuest · Fri 30 Oct 2026, 12:06 PM IST · 4 min read

7,76,23,085Promoter holding in the company

Encumbered shares this creation3,98,76,710

Shares already encumbered this creation3,67,64,272

Largest block in this creation - Sua Explosives and Accessories11,65,000

Promoter holding in the company 7,76,23,085: Encumbered shares this creation 3,98,76,710, Shares already encumbered this creation 3,67,64,272, Largest block in this creation - Sua Explosives and Accessories 11,65,000.

Encumbered shares after pledge: 3,98,76,710 shares, or 29.06% of total share capital (up from 3,67,64,272 / 26.79%)
Encumbered as % of promoter holding: 51.37% of the promoter's 7,76,23,085 shares (56.56% of total share capital)
Pledge creation date and reason: 26.10.2026; citing personal use by promoters and PACs

What was disclosed

Refex Holding Private Limited, the promoter of the company, has disclosed creation of a pledge over its equity shares under Regulation 31(1) of the SEBI (SAST) Regulations, 2011. The date of creation is 26.10.2026 and the stated reason is personal use by promoters and PACs.

Promoter's position after the event

Shares held: 7,76,23,085, or 56.56% of total share capital
Encumbered before this creation: 3,67,64,272, or 26.79% of total share capital
Encumbered after this creation: 3,98,76,710, or 29.06% of total share capital
Encumbered shares as a share of the promoter's own holding: 51.37%
Whether encumbered shares are 50% or more of promoter shareholding: Yes
Whether encumbered shares are 20% or more of total share capital: Yes

Entities in whose favour the shares under this creation are shown as encumbered

Sua Explosives and Accessories Private Limited: 11,65,000 shares (0.85%)
Beacon Trusteeship Limited: 4,87,285 shares (0.36%)
Northern Arc Capital Limited: 4,53,368 shares (0.33%)
S Jogani Exports Private Limited: 1,90,476 shares (0.14%)
Shivangini Properties Private Limited: 1,90,476 shares (0.14%)
Infosoft Global Private Limited (2 facilities): 1,90,476 shares (0.14%)
Minecs Finvest Private Limited: 95,238 shares (0.07%)
Frazer Goods & Supply Private Limited: 95,238 shares (0.07%)
Hind Filters Private Limited: 95,238 shares (0.07%)
KRChoksey Financial Services Private Limited: 75,238 shares (0.05%)
Bhansali Fincom Private Limited: 74,405 shares (0.05%)

Existing pledges listed in the update

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
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
Encumbrance No. 3, dated 15.12.2025: 5,20,833 shares (0.38%), in favour of Bhansali Fincom Private Limited
Encumbrance No. 4, dated 15.12.2025: 15,62,500 shares (1.14%), Catalyst Trusteeship Limited for Touchstone Trust Scheme VI
Encumbrance No. 5, dated 25.02.2026: 50,45,816 shares (3.67%), described as additional margin pledge in respect of Encumbrance No. 2 & 4
Encumbrance No. 6, dated 25.06.2026 to 30.06.2026: 35,00,000 shares (2.55%), in favour of Axis Securities Limited
Encumbrance No. 7, dated 10.08.2026: 20,90,000 shares (1.52%), in favour of Northern Arc Capital Limited
Encumbrance No. 8, dated 01.09.2026: 4,75,000 shares (0.35%), in favour of KR Choksey Financial Services Private Limited
Encumbrance No. 9, dated 11.09.2026: 2,68,491 shares (0.20%), additional pledge to Northern Arc Capital Limited due to price fluctuation
Encumbrance No. 10, dated 15.09.2026: 10,00,000 shares (0.73%), in favour of Shivangini Properties Private Limited
Encumbrance No. 11, dated 16.09.2026: 5,00,000 shares (0.36%), in favour of Hind Filters Private Limited
Encumbrance No. 12, dated 21.09.2026: 5,00,000 shares (0.36%), in favour of Frazer Goods & Supply Private Limited
Encumbrance No. 13, dated 22.09.2026: 5,00,000 shares (0.36%), in favour of Infosoft Global Private Limited
Encumbrance No. 14, dated 23.09.2026: 5,00,000 shares (0.36%), in favour of Minecs Finvest Private Limited
Encumbrance No. 15, dated 29.09.2026-30.09.2027: 4,13,002 shares (0.30%), additional pledge in respect of Encumbrance No. 1 (24,58,213 + 4,13,002 = 28,71,215)
Encumbrance No. 16, dated 09.10.2026-31.10.2027: 5,00,000 shares (0.36%), in favour of Infosoft Global Private Limited

Other details recorded

Encumbrances No. 2, 4 and 5 relate to debentures of Refex Life Sciences Private Limited: secured, unrated, unlisted optionally convertible and non-convertible debentures of face value of ₹ 10 lakh each.
For Encumbrance No. 2, the value of shares on the date of the agreement is ~₹580.21 crore (@ ₹448.80/share) against an amount involved of ₹335 crore, a ratio of 1.73: 01.
For Encumbrance No. 4, the value of shares is ~₹115.61 crore (@ ₹229.12/share) against ₹435 crore, a ratio of 0.27: 01.
Several entries state the end use as personal use by promoters and PACs; some later entries state collateral for loans taken by the Company (RHPL).

What this means for a retail investor

This is an encumbrance disclosure. The promoter's total holding of 7,76,23,085 shares (56.56%) is unchanged; what has moved is the portion of that holding which is encumbered.
A pledge means the shares are held as security with the lender named in the update. The disclosure records the creation of the pledge.
The new pledge is attributed to personal use by promoters and PACs, rather than to funding the listed company's operations.
More than half of the promoter's holding is now encumbered, and the update itself answers "Yes" to the 50%-of-promoter-holding and 20%-of-total-share-capital thresholds, which is why the detailed reasons and each event are being reported.

51.37%Encumbered shares as % of promoter shareholding

Encumbered shares as % of promoter shareholding: 51.37%.

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