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 Rs 927.81 crore. The fund raise will be by way of preferential issue of equity and convertible warrants, to certain investors, under ‘promoter’ and ‘non-promoter’ category.
The total Issue Size: Rs 927.81 Crore, including around Rs 530 Crore from high-net-worth individuals (HNIs) and family offices.
Promoter Contribution: The promoter group proposes to contribute around Rs 372 Crore and the Dinesh Kumar Agarwal, Group CEO, is personally investing around Rs 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 utilised 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.