The Board of Directors of Refex Industries Limited (RIL) has approved a composite scheme of amalgamation and arrangement to restructure its Green Mobility Business and unlock value for shareholders.
Under the scheme, RIL’s wholly owned subsidiary, Refex Green Mobility Limited (RGML), will be merged into RIL, followed by the demerger of the Green Mobility Business into a newly incorporated entity, Refex Mobility Limited (RML). RML is proposed to be independently listed on the BSE and NSE, creating two focused platforms—RIL will continue its core Ash and Coal handling operations, while RML will concentrate on sustainable mobility solutions using clean-fuel vehicles.
Commenting on the development, Anil Jain, Chairman and MD of RIL, said the restructuring will sharpen focus, unlock shareholder value, and reinforce the company’s commitment to technology-driven urban transport solutions.
The implementation of the scheme is subject to approvals from shareholders, creditors, stock exchanges, SEBI, NCLT, and other regulatory authorities. Upon completion, RIL shareholders will receive equity shares in RML in proportion to their existing shareholding, creating a mirror shareholding structure.