Refex Renewables & Infrastructure Ltd (BOM:531260) has approved the sale of its entire 100% equity stake in Ishaan Solar Power Pvt Ltd, a wholly-owned subsidiary, as part of an internal restructuring exercise, according to a Wednesday filing on the local bourse.
The move also includes the hiving off of Ishaan's step-down subsidiary, SEI Tejas Pvt Ltd.
The company said the business activities of both subsidiaries are not aligned with its core operations and do not generate significant revenue.
SEI Tejas has seen a complete erosion of net worth as of March 31, 2025, and its financials have been prepared on a liquidation basis. Refex added that its consolidated audit reports have been qualified since FY2018-19 solely due to these two entities.
An independent chartered accountant valued Ishaan shares at 212.21 Indian rupees each, in accordance with the Income Tax Act. Refex said it has identified a buyer who has expressed interest in acquiring the stake.
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