RRRefex Renewables & Infrastructure531260Board key decisions

Board approves 3,938 ESOP shares, ₹360/- preferential issue, ₹450 Crore borrowing limit

3,938 equity shares allotted to employees in lieu of 3,938 ESOPs; paid-up capital now ₹4,50,18,730/-.

By ScoutQuest · Sat 17 Oct 2026, 9:52 AM IST · 2 min read

ESOP Shares Allotted

3,938 equity shares allotted to employees in lieu of 3,938 ESOPs

Paid-up Capital

₹4,50,18,730/-

Preferential Issue Terms

Up to 4,50,000 shares at ₹360.00/- each, up to ₹16.20 Crore

Employee share allotment

• The board allotted 3,938 equity shares to eligible employees, in lieu of 3,938 employees' stock options granted under the RRIL – Employees Stock Option Scheme 2022.
• After this allotment, the issued, subscribed and paid-up equity share capital of the company is ₹4,50,18,730/-.

Group restructuring

• The company transferred its entire equity stake in Refex Sustainable Fuel Limited, a wholly-owned subsidiary, to Refex Green Power Limited, another wholly-owned subsidiary.
• The consideration was ₹10 lakh, which the disclosure states is at face value of that stake.
• Refex Sustainable Fuel Limited thus becomes a step-down wholly-owned subsidiary; Refex Green Power Limited is described as the holding company of the solar and wind special purpose vehicles.

Matters placed before shareholders

• Raising the authorised share capital, with a consequential alteration to Clause 5 of the Memorandum of Association – ordinary resolution.
• Raising the overall borrowing limits – special resolution.
• Creation of charge, mortgage or hypothecation on the assets of the company in favour of lenders – special resolution.
• Preferential issue of equity shares to the 'non-promoter' category – special resolution.

Preferential issue terms

• Up to 4,50,000 equity shares to the 'non-promoter' category on a preferential basis, for an aggregate amount of up to ₹16.20 Crore.
• Issue price fixed at ₹360.00/- per share.
• The floor price determined in the valuation report is ₹356.04/- per share, so the issue price is set above the floor.
• The investor named is North Star Opportunities Fund VCC – Bull Value Incorporated VCC Sub-Fund Mauritius, a Category I Foreign Portfolio Investor.

How the vote happens

• Four special business items are being put to shareholders through a postal ballot, only by remote e-voting.
• Remote e-voting began at 09:00 a.m. (IST) on Sunday, October 18, 2026 and ends at 05:00 p.m. (IST) on Monday, November 16, 2026.
• The cut-off date for eligibility was Friday, October 16, 2026, and results are to be declared on or before Wednesday, November 18, 2026.

What this means for a retail holder

• The employee allotment adds shares against options already granted, so the change in the share base from this item is small.
• The preferential issue, if approved, brings in new shares to a non-promoter investor, which can lower existing holders' percentage of the company.
• The borrowing limit and charge-creation items are enabling approvals that set outer limits; they are not borrowings that have already been drawn.
• The subsidiary transfer is within the group and at face value, so it is a reorganisation of ownership rather than a sale to an outside buyer.

Points to note

• The preferential issue, the higher borrowing limit and the charge creation take effect only after shareholders approve them through the postal ballot.
• The ₹360.00/- issue price is slightly above the ₹356.04/- floor price arrived at in the valuation report.

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