Refex Industries to Raise Rs 928 Cr for Growth & Sustainability

Mumbai, Oct 3 (PTI) Chennai-based Refex Industries Ltd on Thursday said it is planning to raise Rs 927.81 crore via preferential issue of equity and convertible warrants for investment in subsidiary companies, loan repayment and capex, among others.

The funding is proposed at an opportune time as Refex continues to innovate in logistics for ash management, addressing environmental challenges associated with thermal power plant operations, the company said.

Refex has a presence across sectors such as ash and coal handling and electric vehicle mobility.

"Refex proposes to raise funds to the tune of Rs 927.81 crore, by way of preferential issue of equity and convertible warrants, to certain investors, under 'promoter' and 'non-promoter' category," the company said in a statement.

Outlining the proposed fundraise plan, the company said of the total issue size of Rs 927.81 crore, Rs 530 crore are to be mopped up from high-net-worth individuals (HNIs) and family offices.

It further said the promoter group proposes to contribute about Rs 372 crore while Group CEO Dinesh Kumar Agarwal will invest about Rs 26 crore in his personal capacity.

The fund will be used for investments in subsidiary companies, capital expenditures, working capital needs, repayment of existing loans, and general corporate purposes, it said.

"Our focus on sustainability drives our efforts in both ash handling logistics and EV mobility. This funding empowers us to build innovative solutions with a strong emphasis on environmental, social, and governance (ESG) principles," Refex Managing Director Anil Jain said.