Refex Industries Limited has announced a significant update regarding its shareholding in its subsidiary, Venwind Refex Power Limited (VRPL). Following a Rights Issue, the company was allotted 1,712 equity shares at a premium of ₹17,513 per share, totaling a ₹2.99 Crore investment. Additionally, VRPL converted its Class A Optional Convertible Debentures (OCDs) into equity. As a result of these combined transactions, Refex Industries’ total shareholding in VRPL has been revised to 73.28%.

The Rights Issue, valued at ₹29,999,376, was designed to augment VRPL’s capital base and facilitate its operational expansion in the wind power sector. While the company’s stake initially shifted from 77.77% to 76.81% following the direct equity allotment, the subsequent conversion of OCDs—a process in which Refex Industries was not a direct party—brought the final holding to 73.28%. These movements reflect the subsidiary’s efforts to restructure its debt and bring in broader equity participation.

Refex Industries is an India-based diversified conglomerate that has evolved from a specialist in refrigerant gases to a major player in coal and fly ash handling, solar power, and renewable energy. The company recently secured a significant contract worth approximately ₹32.45 Crore from a Maharatna PSU for pond ash transportation, reinforcing its dominant position in the ash utilization market which currently accounts for a substantial portion of its revenue. Its wind energy arm, Venwind Refex, is notably expanding with an order book of approximately ₹1,860 Crore, focusing on 5.2 MW wind turbine manufacturing.

For the quarter ended December 2025, Refex Industries reported a robust sequential performance, though it faced year-over-year headwinds due to strategic exits from low-margin businesses. The consolidated revenue for Q3 FY26 stood at ₹581.81 Crore, representing a 34.7% growth compared to the previous quarter (₹432.05 Crore). Net profit for the same period was ₹52.71 Crore, a sharp 45.6% increase from ₹36.19 Crore in Q2 FY26. Notably, Reliance Industries Limited is among the prominent institutional investors, holding approximately 1% of the company’s equity as of late 2025.