Refex Industries Innovates with $927.81 Crore Fundraise

Refex Industries Ltd plans to raise Rs 927.81 crore through equity and convertible warrants to invest in subsidiaries, repay loans, and cover capital expenditures. This strategic financial move supports their innovative logistics solutions for ash management and electric vehicle mobility in response to environmental challenges.

Chennai-based Refex Industries Ltd announced on Thursday its plans to raise Rs 927.81 crore through a preferential issue of equity and convertible warrants. The raised funds will be directed towards key investments in subsidiary companies, repaying loans, and capital expenditures.

Refex's strategic timing in securing this funding aligns with its continuous innovation in logistics for ash management, effectively addressing the environmental concerns associated with thermal power plant operations. The company has diversified interests across sectors such as ash and coal handling, and electric vehicle mobility.

Managing Director Anil Jain emphasized the company's focus on sustainability, stating, "This funding empowers us to build innovative solutions with a strong emphasis on environmental, social, and governance (ESG) principles." Of the total issue size, Rs 530 crore will be sourced from high-net-worth individuals and family offices, while the promoter group and Group CEO Dinesh Kumar Agarwal plan to contribute Rs 372 crore and Rs 26 crore respectively.

(With inputs from agencies.)