Refex Ind zooms 17% as board clears restructuring of green mobility arm

Refex Industries shares zoomed 17.3 per cent on BSE, logging an intraday high at ₹396.55 per share. At 9:52 AM, Refex Industries' share price was trading 16.7 per cent higher at ₹394.5 per share on BSE. In comparison, the BSE Sensex was down 0.25 per cent at 81,955.48.

 

The market capitalisation of the company stood at ₹5,100.12 crore. The 52-week high of the stock was at ₹600 per share, and the 52-week low was at ₹334.1.

 

In one year, Refex Industries' shares have slipped 28 per cent, as compared to the BSE Sensex’s fall of 3 per cent.   Track Stock Market Live Updates

 

Why were Refex Industries shares in demand?

The buying on the counter came after the company’s board approved a composite scheme of amalgamation and arrangement to restructure and unlock the potential of its Green Mobility Business for all the shareholders. 

 

As per the approved scheme, Refex Green Mobility, a subsidiary of Refex Industries, will be merged into the parent company, followed by the demerger of the Green Mobility business into a newly incorporated entity, Refex Mobility.

 

Further, Refex Mobility is proposed to be independently listed on BSE and the National Stock Exchange (NSE), creating two focused platforms where Refex Industries will consolidate its core strengths across Ash and Coal handling and Refex Mobility will be dedicated to sustainable mobility solutions using clean fuelled vehicles.    Upon the completion of the scheme, the shareholders of Refex Industries will receive equity shares in Refex Mobility in the same proportion as their existing shareholding as on the record date, thereby creating a mirror shareholding structure.

 

In September, Refex Industries received approval from the Ministry of Corporate Affairs for the incorporation of its subsidiary, Refex Mobility. 

 

Refex Industries Limited is an enterprise with strategic interests in refrigerant gases, coal and ash management, power trading, clean mobility, and renewable energy. The company specialises in eco-friendly refrigerant gas trading with multiple cylinder size options, offering reliable and sustainable cooling solutions. In the energy domain, Refex provides integrated services for responsible coal supply, handling and ash utilization. With a Category-I license for interstate power trading, we enable electricity transactions across the country.

 

Refex Green Mobility Limited is the company’s clean mobility arm that offers four-wheeler vehicles running on clean fuel along with a technology-enabled platform and a professional driver partner to serve the corporates and demand aggregator platforms.