Mumbai | October 4, 2025, 09:30 IST — eBharat News Desk
Refex Industries Limited on Friday confirmed that its Board of Directors, through a circular resolution dated October 3, 2025, approved the allotment of 75,75,000 equity shares upon the conversion of warrants held by its promoter entity Refex Holding Private Limited.
These warrants were originally issued at an exercise price of ₹125 per warrant With the promoter entity remitting the balance 75% of the issue price, the warrants have now been converted into fully paid-up equity shares.
The company clarified that the newly issued shares will rank pari-passu with existing equity shares in every respect, including voting rights and dividend entitlement.
The conversion has resulted in a notable change in Refex’s capital structure:
| Particulars | Before Allotment | After Allotment |
|---|---|---|
| Equity Share Capital | ₹25.86 crore (12,92,80,607 shares) | ₹27.37 crore (13,68,55,607 shares) |
| Promoter Holding | 6.89 crore shares (~53.33%) | 7.65 crore shares (~55.92%) |
The increase effectively strengthens promoter control over the company, while the free-float proportion correspondingly declines.
Why It Matters
- Signal of Confidence: By converting the warrants and increasing its stake, Refex Holding has reaffirmed long-term commitment to the business.
- Capital Infusion: The proceeds from the warrant exercise provide fresh equity, bolstering the balance sheet.
- Minority Impact: Since the allotment was to promoters alone, minority investors avoid immediate dilution from external allotments, though relative influence of promoters rises.
Broader Business Context
Refex Industries, a Chennai-headquartered company, is widely known for its refrigerants business (notably hydrofluorocarbons) and is diversifying into allied verticals. Recently, the Board cleared a demerger of its Green Mobility business, designed to unlock shareholder value and create focused platforms.
Shares of Refex have witnessed sharp momentum in 2025, spurred by restructuring plans and sectoral tailwinds in clean mobility and energy. On the day of the demerger announcement, the stock surged nearly 17%, reflecting strong market appetite.
Market Outlook
The fresh equity infusion and higher promoter stake strengthen the company’s governance and capital position. However, the market will closely watch how Refex deploys these funds, particularly towards scaling its refrigerant, renewable, and mobility arms.
For investors, the conversion underscores promoter confidence, but also raises questions about concentration of control. Analysts suggest that execution of the planned demerger scheme and continued clarity on growth segments will remain key valuation drivers in the coming quarters.
| Metric | Value | Metric | Value |
|---|---|---|---|
| Mkt Cap | ₹4.73K Cr | P/E | 29.48 |
| Div Yield | 0.14% | Qtrly Div/Share | ₹0.13 |
| 52-Week High | ₹573.60 | 52-Week Low | ₹334.00 |
- Day range: ₹361.50–₹367.05
- Prev close: ₹365.55
