Refex promoter pledges 10% stake for subsidiary financing

Refex Holding Private Limited pledged 12.9 million equity shares of Refex Industries Limited, representing 10% of total share capital, to secure financing for subsidiary Refex Life Sciences Private Limited.

The shares were pledged to Catalyst Trusteeship Limited as collateral for financing including unlisted, secured, optionally convertible and non-convertible debentures with INR 10 lakh face value each. The pledged shares are valued at INR 529 million against total financing of INR 610 million.

This increases the promoter's total encumbered holding to 20.1 million shares, or 15.53% of Refex Industries' total share capital.