The board of directors of Refex Green Power, a wholly-owned subsidiary company of Refex Renewables and Infrastructure, has approved the sale of its entire 74% equity stake in Flaunt Solar Energy, a step-down subsidiary.

The stake will be sold at face value equal to cost for ₹74,000 (~$837), payable in cash, translating to ₹10 (~$0.11) per share based on a valuation that places the equity fair value in negative territory, according to a bourse filing.

Refex Renewables and Infrastructure said no share purchase agreement has yet been executed. The expected completion date for the transaction is October 15, 2025. The buyer is identified as Suma, who does not belong to the promoter or promoter group. The company stated that the transaction is not a related party transaction.

Refex Green Power will retain a majority financial interest in Flaunt through optionally convertible debentures. The proposed equity sale is for a nominal portion on a fully diluted basis.

The company added that its optionally convertible redeemable preference shares were converted into optionally convertible debentures effective July 14, 2025, pursuant to an order National Company Law Tribunal, Bengaluru.

Flaunt recorded a turnover of ₹39 million (~$441,450) in the financial year ended March 31, 2025, contributing roughly 6% of Refex Green Power’s overall turnover. Its net worth stood at ₹100.61 million (~$1.13 million), including the equity component of optionally convertible redeemable preference shares. Excluding that equity component, the net worth was negative ₹27.31 million (~$309,140).

Last October, Refex Industries announced a preferential issue of shares worth ₹9.28 billion (~$110.4 million). Refex Renewables & Infrastructure, part of the Refex Industries group, offers rooftop solar solutions for the commercial and industrial sector.

Refex Renewables was one of the winners in the Best Standalone Storage Project category at Mercom’s 2024 Renewable Industry Awards. The company was recognized for its 1 MW solar with a 2 MWh battery energy storage system in Siachen’s challenging weather and terrain.