Refex Industries has announced that it would raise ₹927.81 crore by way of preferential issue of equity and convertible warrants to investors under both ‘promoter’ and ‘non promoter’ categories. The company is into ash and coal handling plants and electric mobility.
The company said in a press release that it would raise ₹530 crore from high-net-worth individuals (HNIs) and family offices. The promoters will bring in ₹372 crore and the group CEO, Dinesh Kumar Agarwal, “is personally investing” ₹26 crore.
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.