Background and Transaction Details

The disclosure follows earlier intimations dated August 14, 2026, regarding an inter-se transfer of equity shares among promoter/promoter group entities. On August 14, 2026, Avyan Pashupathy Capital Advisors Private Limited (Transferor/Outgoing Promoter) transferred its entire holding of 13,91,869 equity shares (representing 30.94% of the paid-up equity share capital) to Refex Holding Private Limited (Transferee Promoter).

Board Meeting and Decision

The Board of Directors meeting was held on August 20, 2026, from 12:00 p.m. to 12:30 p.m. The board considered the reclassification request from Avyan Pashupathy Capital Advisors Private Limited to change its status from 'promoter' to 'public' category under Regulation 31A of SEBI LODR Regulations.

The board determined that the request complies with conditions specified in clause (b) of sub-regulation (3) of SEBI LODR Regulations based on the following:

  • The outgoing promoter holds zero equity shares in the company as of August 14, 2026
  • The outgoing promoter confirmed compliance with conditions under Regulation 31A(3)(b)(i) to (vii)
  • The outgoing promoter will comply with conditions under Regulation 31A(4)(a) & (b) post-reclassification
  • The company maintains compliance with minimum public shareholding requirements under Regulation 38

Shareholding Impact and Approval Process

The board approved the reclassification request and decided to submit an application to BSE Limited seeking no-objection for the proposed reclassification, as required under sub-clause (iii) of clause (a) of sub-regulation (3) of Regulation 31A.

Since the outgoing promoter and related persons hold 0% of total voting rights in the company (following the complete disposal of shares), the requirement for shareholder approval by ordinary resolution is exempted under the proviso to sub-clause (vi) of clause (a) of sub-regulation (3) of Regulation 31A.

Current Shareholding Structure (as of August 21, 2026)

| Promoter/Promoter Group | Category | Equity Shares | % Holding |

| Refex Holding Private Limited | Promoter | 33,67,425 | 74.87% |

| Avyan Pashupathy Capital Advisors Private Limited | Promoter | - | - |

| Refex Family Trust | Promoter | - | - |

| Mr. T Anil Jain | Promoter Group | - | - |

| Mrs. Dimple Jain | Promoter Group | - | - |

| Mrs. Ugamdevi Jain | Promoter Group | - | - |

| Total | | 33,67,425 | 74.87% |

Next Steps

The reclassification is subject only to receiving no-objection from BSE Limited. The company will make necessary applications and filings with BSE Limited, SEBI, depositories, and other authorities.

Authorization

Vinay Aggarwal, Company Secretary & Compliance Officer (ACS-39099), is authorized to make consequential amendments to statutory records and shareholding disclosures upon completion of the reclassification process.