Refex Industries proposes to raise funds to the tune of ₹927.81 Crore to Accelerate Sustainable Growth

Refex Industries proposes to raise funds to the tune of ₹927.81 Crore to Accelerate Sustainable Growth

Chennai, October 03, 2024 — Refex Industries Limited (Refex), a leader in diversified sectors such as ash & coal handling and electric vehicle (EV) mobility, proposes to raise funds to the tune of ₹927.81 Crore, by way of preferential issue of equity and convertible warrants, to certain investors, under ‘promoter’ and ‘non-promoter’ category.

This significant fund-raising initiative underscores Refex’s commitment to sustainability & innovation across its business verticals.

Key Highlights:

●        Total Issue Size: ₹927.81 Crore, including ~ ₹530 Crore from high-net-worth individuals (HNIs) and family offices.

●        Promoter Contribution: The promoter group proposes to contribute ~ ₹372 Crore and the Mr. Dinesh Kumar Agarwal, Group CEO, is personally investing around ₹26 Crore, reflecting strong leadership commitment.

●        Advisory Support: Monarch Networth Capital Limited (MNCL) acted as the sole banker and advisor for this successful issuance.

The funds raised will be strategically utilized for investments in subsidiary companies, capital expenditures, working capital needs, repayment of existing loans, and general corporate purposes.

This funding is prosed at an opportune time as Refex continues to innovate in logistics for ash management, addressing environmental challenges associated with thermal power plant operations. Refex has also made significant strides in the passenger mobility sector through its subsidiary, engaged in electric vehicle services.

“Our focus on sustainability drives our efforts in both ash handling logistics and EV mobility,” stated Anil Jain, Managing Director of Refex.

“This funding empowers us to build innovative solutions with a strong emphasis on environmental, social, and governance (ESG) principles. The support from our investors and leadership team showcases their confidence in our mission to create a cleaner, greener future”, he further added.

About Refex Industries Limited: Refex Industries Limited is one of India’s leading business organizations. The Company and its wholly-owned subsidiary operate across multiple sectors, including logistics for ash and coal handling, EV mobility, refrigerant gases, and power trading.

With over 22 years of experience, Refex is committed to excellence, integrity, diversity, and stakeholder value. For inquiri s, please contact us at ir@refex.co.in.