Refex Industries Board approves Composite Scheme of Arrangement to Unlock Green Mobility Potential

The Board of Directors of Refex Industries Limited ('RIL') has approved a composite scheme of amalgamation and arrangement to restructure and unlock the potential of its Green Mobility Business for all the shareholders of RIL.

As per the scheme, Refex Green Mobility Limited ('RGML'), a wholly owned subsidiary, will be merged into RIL, followed by the demerger of the Green Mobility Business unit into a newly incorporated entity i.e., Refex Mobility Limited ('RML'). RML is proposed to be independently listed on BSE and NSE, creating two focused platforms where RIL will consolidate its core strengths across Ash & Coal handling and RML will be dedicated to sustainable mobility solutions using clean fuelled vehicles.

Commenting on the development, Anil Jain, Chairman and Managing Director of RIL, said: "The Board's approval of this restructuring marks a milestone in Refex's growth journey. By creating a dedicated listed platform for our Green Mobility Business, we will sharpen focus, unlock value for shareholders across both RIL & RML, and reaffirm our commitment to clean, technology-driven urban corporate transport."

The implementation of the scheme will be subject to necessary approvals from shareholders, creditors, stock exchanges, SEBI, NCLT and other applicable regulatory authorities.

It is further informed that upon completion of the scheme, the shareholders of RIL will receive equity shares in RML in the same proportion as their existing shareholding in RIL as on the record date, thereby creating a mirror shareholding structure.

Source : Equity Bulls

Keywords

RefexIndsutries SchemeofArrangement Merger Demerger GreenMobility