Refex Industries Limited (REFEX) — Announcement(2 announcements)

Refex Industries announced a scheme to merge its green mobility subsidiary with itself and demerge the business into a new listed entity, aiming to unlock value and attract dedicated investors. The proposal requires creditor and regulatory approvals, with a creditors' meeting set for August 5, 2026, to sanction the restructuring and unlock growth potential in sustainable transport.

Refex Industries Limited announced a shareholders' meeting on August 5, 2026, to approve a composite scheme of amalgamation and arrangement involving its subsidiaries Refex Green Mobility Limited and Refex Mobility Limited. The meeting will be held via video conferencing, with e-voting open from August 2 to August 4, 2026, requiring approval by three-fourths of voting shareholders under Section 230(6) of the Companies Act, 2013, and SEBI regulations. Shareholders must vote remotely by July 31, 2026, and participate through the CDSL platform, with proxy restrictions and strict registration requirements. The scheme aims to unlock value by creating an independent green mobility entity, RML, listed on BSE and NSE, while preserving employee and creditor rights. The Board recommends the transaction as beneficial, supported by regulatory clearances and fairness opinions, with final approval contingent on NCLT sanction.